Today will likely be a carryover of yesterday, setting up tomorrow's TOP pattern. Because of this, I expect a bit of a rally phase today (rebounding off the lower support channel) and possibly attempting to move above 395 if there is substantial buying activity.
Yes, the Fed decision is near, but traders are still using the US equities market as a hedge against foreign market risks because of the stronger US Dollar.
Gold and Silver will likely setup another retest of recent support.
The markets are shifting and we could see a big move next week with the Fed decision.
Right now, I see the markets struggling to find support and attempting to hold above the Flag/Pennant lower channel.
Crude oil is lower - suggesting the global economic demand for oil is weakening.
Stay cautious. Follow my research. These cycle patterns are really incredible in how they predict days/weeks in advance.
@Bitkal, you are very welcome. Thanks for the COINS.
janatztxx
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What does inside harami mean ?
BradMatheny
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@janatztxx, Harami is a Japanese Candlestick term - meaning "Body within a Body" - or Pregnant. This typically reflects an inside day price bar.
janatztxx
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@BradMatheny hi thanks for the explanation. I was reading your these and market doesn’t open on 9/17 and 18
BradMatheny
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@janatztxx, I understand. My cycle patterns operate on all calendar days - even weekends. So think of them as psychological actions/shifts taking place while the markets are closed.
For example, last weekend (9-10~11) the cycle patterns showed...
I read that as moderately strong bullish trend headed into the weekend (close of trading on Friday), and the high likelihood of a gap upward on Sunday/Monday - anticipating a fairly strong POP.
This early week POP is immediately followed by lower, breakdown, breakaway, carryover trending. This shows the markets would likely stall and move downward throughout the rest of last week.
I tried to draw what I thought would be appropriate price action on this chart, but the CPI/PPI data prompted a bigger breakdown than I expected.
This weekend we have a Harami/Inside, CRUSH, N/A, Bottom, Major CRUSH (Sat, Sun, Mon, Tues). That tells me we are probably going to open trading on Monday with the possibility of a fairly strong downward price trend (CRUSH) either Monday or Tuesday and the Harami pattern suggests sideways trending is possible.
The Bottom, followed by the Major CRUSH patterns suggests extended downward trending is VERY LIKELY early next week on extreme volatility.
Try to read these as personality traits for price - what is likely to happen as a series of price events.
BradMatheny
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@janatztxx, Oops. I pulled data from Sept 2021. Here are the REAL cycle patterns for next week