Sorry I didn't get a video out today.. got a little busy with stuff.
Descending broadening wedge. Be careful of a breakout to the upside. We had an inverse head and shoulders as well but it failed its upside breakout. Because of the Bearish price action and the fact that we have broken our larger patterns with measured moves to 230 I do expect the price to get there. But if you get a breakout up from this pattern, it would be good to derisk and jump short when topping volume or 253/254 Resistance & Measured move.
I will note that the Green and Navy Blue (connects top of 2007 market with the tops of 2015 consolidation) trendlines that I have drawn are not extremely significant. But for managing my trades I want to see price stay below both of them to ensure continued sell pressure. We closed below them but just barely. Getting above those and staying there could signal a bounce and on the smaller timeframes, we do have a descending broadening wedge which can break bullish if the buyers show up. That target from its wedge could take us to test the bottom of the support around 253.5.
Descending broadening wedge. Be careful of a breakout to the upside. We had an inverse head and shoulders as well but it failed its upside breakout. Because of the Bearish price action and the fact that we have broken our larger patterns with measured moves to 230 I do expect the price to get there. But if you get a breakout up from this pattern, it would be good to derisk and jump short when topping volume or 253/254 Resistance & Measured move.
I will note that the Green and Navy Blue (connects top of 2007 market with the tops of 2015 consolidation) trendlines that I have drawn are not extremely significant. But for managing my trades I want to see price stay below both of them to ensure continued sell pressure. We closed below them but just barely. Getting above those and staying there could signal a bounce and on the smaller timeframes, we do have a descending broadening wedge which can break bullish if the buyers show up. That target from its wedge could take us to test the bottom of the support around 253.5.
watching this higher volume bar on the 5 min to see if it's putting in a "Very Local" bottom. breaking this level in red would be bad for bulls.