I may be entirely wrong here, but the MMs have been out for blood for weeks now. They’re a velociraptor hunting the retail prey, and it’s our job to not get psyched out and FOMO into a position right before they pull the rug.
Look at the chart today, the cup and handle was triggered after an almost identical one trapped everyone yesterday. Genius really. There’s still resistance above the wedge and we’ve already seen several false breakouts during intraday price action since it began forming this pattern. The bearish trend needs a close below about 3065, which gives plenty of room on the downward side. Bonds, small cap, precious metals, industrials, oil, copper, etc. none of it is acting as it should today which, to me, is not a healthy indicator, more pump and (probably) dump action than anything else. The economic data and JPow/Mnuchen talks today won’t be anything interesting, the scripts were published and released last night, but this is a wicked short squeeze in my opinion that could likely be frontrunning a selloff for rebalancing.
Falling wedge from 23,26 June broke out 29, backtested and held on 30 June. Bullish impulsive wave starting up IMO.
Your upper triangle is breakout even though you've drawn it through no particular defined points... expect a retracement wave 2, maybe 2 July.
kaxo1
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Yeah I drew that upper triangle line on the 1D chart which is why it looks off. I agree that it's very bullish right now, but I'm still apprehensive about it.
Your upper triangle is breakout even though you've drawn it through no particular defined points... expect a retracement wave 2, maybe 2 July.