-Was the pattern we broke down from all-time high an H&S or Double Top because I believe this effects the neckline which is our major resistance.
-Seems like most of us had this resistance wrong from the start around looking at 2630's which appears to be the support (now resistance) from a giant bear flag. We just penetrated that resistance.
-I think we have a bit more to go before we hit what I think is actual resistance, 266ish.
-Notice how the red neckline line of the Double Top lines up parallel with the larger channels resistance, channel within a channel.
-Positive China trade news today Friday, 1/18 huge though. Could push us through to 61.8% FIB retrace from all-time high to recent low and original structure resistance from Double Top (Right Head descending) and 200 Day MA (picture below).
-Waiting for a reversal pattern to form for any confirmation.
DON'T TRADE THIS. I'M NOT A PROFESSIONAL.
Order cancelled
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We broke thru the resistance and are hovering right around it now.
With today's momentum I'd suspect we make it up to low $270's where there is a confluence of the triangle resistance in green and the 61.8 FIB retrace from all-time high to recent low. We should see some resistance/pullback there depending on sentiment (earnings, geo-political, interest rates, brexit, bonds, company news, etc.).
you are better than most... this is a dangerous market time... i would not trade here until further confirmation comes. you are definitely onto something as well... WELL DONE.
manifresca
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@LoLBeach, appreciate the vote of confidence. Predicting the market is a bad idea. Confirming the market is the move.