Just charting out the upcoming week and a few possible scenarios i see playing out.
The biggest addition to the chart is a descending triangle from the highs of our last rally and the highs set yesterday, and the up trend line from the August lows, through the most recent lows. This is a game changer IMO if it plays out.
Red: We reverse from where we're at and retest the downtrend line. Pretty sure we'd get rejected as we haven't worked off all of that negative divergence yet.
Yellow: We head down to fill the gaps at ~296 and 294 before converging with the medium term uptrend line and the .5 fib. and head back for the top of the triangle. If we break out with above average volume expect a test of $305. But if we get there with negative divergences and especially if we break out on negative divergences expect a retrace. We could also bounce off the downtrend line and then break through as well. Remember, this has to be with above average volume to be tradable in my opinion. this is what i (with bias of course) see as the most likely scenario technically in my limited knowledge.
Blue: Some shit hits the fan and we knife through everything and down she goes.
Green: We head all the way down to the intra month uptrend line (bottom of the descending triangle) and bounce, hitting the what would now be resistance around 292-294, reverse, and head downwards out of the triangle.
White: We make it through all the gaps and .5 fib, hit the uptrend line, bounce, and head back towards the top of the triangle
I know this is a lot but these are multiple scenarios i could see playing out over the course of the next week or two. By no means is this trading advice, just giving an opinion.
The biggest addition to the chart is a descending triangle from the highs of our last rally and the highs set yesterday, and the up trend line from the August lows, through the most recent lows. This is a game changer IMO if it plays out.
Red: We reverse from where we're at and retest the downtrend line. Pretty sure we'd get rejected as we haven't worked off all of that negative divergence yet.
Yellow: We head down to fill the gaps at ~296 and 294 before converging with the medium term uptrend line and the .5 fib. and head back for the top of the triangle. If we break out with above average volume expect a test of $305. But if we get there with negative divergences and especially if we break out on negative divergences expect a retrace. We could also bounce off the downtrend line and then break through as well. Remember, this has to be with above average volume to be tradable in my opinion. this is what i (with bias of course) see as the most likely scenario technically in my limited knowledge.
Blue: Some shit hits the fan and we knife through everything and down she goes.
Green: We head all the way down to the intra month uptrend line (bottom of the descending triangle) and bounce, hitting the what would now be resistance around 292-294, reverse, and head downwards out of the triangle.
White: We make it through all the gaps and .5 fib, hit the uptrend line, bounce, and head back towards the top of the triangle
I know this is a lot but these are multiple scenarios i could see playing out over the course of the next week or two. By no means is this trading advice, just giving an opinion.
