Posted an update in my last post about that 382 area (Greenline].
Overall pattern is a doubletop but look at that right leg, I outlined it in white lines. That's the tricky thing with double tops, if it doesn't break that support leg it could flag..
I still don't think we'll breakout without Powell blessing.
Watch for a rejection in that 384-385 area.
If we reject at 385 we could be starting that leg down to 380 (Yellow line) before rate decision..
Good luck.. I'm in cash besides a short position in Oracle .. I'll be looking to trade the QQQ around 2:30 est as they would most likely make a bigger move then the Spy.
Overall pattern is a doubletop but look at that right leg, I outlined it in white lines. That's the tricky thing with double tops, if it doesn't break that support leg it could flag..
I still don't think we'll breakout without Powell blessing.
Watch for a rejection in that 384-385 area.
If we reject at 385 we could be starting that leg down to 380 (Yellow line) before rate decision..
Good luck.. I'm in cash besides a short position in Oracle .. I'll be looking to trade the QQQ around 2:30 est as they would most likely make a bigger move then the Spy.
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