We entered a bullish correction at 2:30 today, with a strong reversal off of yesterdays low of 349
This corrective pattern may have just shown its hand as an upward sloping pennant or rising wedge (brown). If so, I feel that the Support Vector of that wedge may only hold the price 1 time after it is established and supported. With both the descending resistance (green dashed) and the wedge resistance (brown dashed) pressuring us, I would expect the resistance to win this bout 2 to 1.... before the brown wedge completes... before we open tomorrow.
Holding my shorts over night, stops in place, good luck!
This corrective pattern may have just shown its hand as an upward sloping pennant or rising wedge (brown). If so, I feel that the Support Vector of that wedge may only hold the price 1 time after it is established and supported. With both the descending resistance (green dashed) and the wedge resistance (brown dashed) pressuring us, I would expect the resistance to win this bout 2 to 1.... before the brown wedge completes... before we open tomorrow.
Holding my shorts over night, stops in place, good luck!
Comment:
sorry... these marks are all showing on the smaller resolution, but that can't be published.