SPX just printed this star on the 15min chart with a very fast wick piercing through resistance points in seconds to complete a shakeout reversal.
Also wick of star shooting through 200MA.
There is also a longer term resistance point here drawn on the chart that is being challenged as I write.
If it continues down from here then it will form higher time frame wicks which will be very bearish.
For entry I had alarms at resistance points and I would often wait for a candle of significance to close, but here the wick was so fast I just shorted it as quickly as I could get it done. Stop above the top.
Not advice
Also wick of star shooting through 200MA.
There is also a longer term resistance point here drawn on the chart that is being challenged as I write.
If it continues down from here then it will form higher time frame wicks which will be very bearish.
For entry I had alarms at resistance points and I would often wait for a candle of significance to close, but here the wick was so fast I just shorted it as quickly as I could get it done. Stop above the top.
Not advice
Comment:
Comment:
Strong bounce and yet again the shakeout reversal ratio is 0.75.
Exactly the same as the retracement top.
Exactly the same as the retracement top.
Comment:
Very high downside momentum and there looks to be some short covering at the near low, but I think this will go quite a bit lower so i'll just hold my short.
Comment:
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