Update: A Rally, Then A Rolling? | #XLE $SPDR $AMEX
Friends,
On February 02nd, we cautioned traders about a potential new historical high to 93.08 using this WEEKLY chart.
Since then, a bullish pinbar sent price to a current weekly high of about 84.75, corresponding to a 2-month old structural resistance of a Shark. For the astute, advanced pattern trader, one should expect the current rally to stall at 50% of the recent downward impulse leg that developed over the past 6 candles from above $88.00 to recent higher-low level.
OVERALL:
At this point, we find no significant technical event that should alter our original predictive analysis and forecasting. Our directional bias remains bullish with a cautious technical mark at 93.08 as a potential overhead reversal, and probable distant bearish targets down below.
A break above 93.08 will prompt us to redefine new overhead targets with greater granularity than we can provide at the moment.
Cheers,
David Alcindor | 4xQuad
Predictive Analysis & Forecasting
Denver, Colorado, USA
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PS: Here is a weekly SPX chart worth considering:
www.tradingview.com/e/GK5wJ5WN/
- Other recent analysis and charting:
AAPL - www.tradingview.com/e/OqhN6oTc/
AMD - www.tradingview.com/e/ySdvtzok/
EBAY - www.tradingview.com/e/XWUVhvT0/
FB - www.tradingview.com/e/tfPPZa0e/
GOOG - www.tradingview.com/e/J5A3VRWX/
MSFT - www.tradingview.com/e/SLHE0cgv/
TWTR - www.tradingview.com/e/Rnr5FZ93/
-------------------------------------------------
- Follow us on Twitter: @4xForecaster
- See our live charts on TradingView.com: 4xForecaster
- Our social history is on Facebook: www.4xQuad.com
Recent forecast hits:
1 - #USDollar: on.fb.me/19Pf77y
2 - #AUDUSD: on.fb.me/1kDHbdB
3 - #NGAS: on.fb.me/1aSMYHV
More archived here: bit.ly/16JMnH8
---------------------------------
Disclaimer: All of our analyses are for educational purpose only. The forecasts, analyses and opinions generated herein are not trading recommendations. We trust that you would do your own due diligence first, then seek professional advice from a licensed professional and enter the market at your own perils - David Alcindor - a.k.a.: 4xForecaster | 4xQuad, LLC.
On February 02nd, we cautioned traders about a potential new historical high to 93.08 using this WEEKLY chart.
Since then, a bullish pinbar sent price to a current weekly high of about 84.75, corresponding to a 2-month old structural resistance of a Shark. For the astute, advanced pattern trader, one should expect the current rally to stall at 50% of the recent downward impulse leg that developed over the past 6 candles from above $88.00 to recent higher-low level.
OVERALL:
At this point, we find no significant technical event that should alter our original predictive analysis and forecasting. Our directional bias remains bullish with a cautious technical mark at 93.08 as a potential overhead reversal, and probable distant bearish targets down below.
A break above 93.08 will prompt us to redefine new overhead targets with greater granularity than we can provide at the moment.
Cheers,
David Alcindor | 4xQuad
Predictive Analysis & Forecasting
Denver, Colorado, USA
--------------------------------------------------
PS: Here is a weekly SPX chart worth considering:
www.tradingview.com/e/GK5wJ5WN/
- Other recent analysis and charting:
AAPL - www.tradingview.com/e/OqhN6oTc/
AMD - www.tradingview.com/e/ySdvtzok/
EBAY - www.tradingview.com/e/XWUVhvT0/
FB - www.tradingview.com/e/tfPPZa0e/
GOOG - www.tradingview.com/e/J5A3VRWX/
MSFT - www.tradingview.com/e/SLHE0cgv/
TWTR - www.tradingview.com/e/Rnr5FZ93/
-------------------------------------------------
- Follow us on Twitter: @4xForecaster
- See our live charts on TradingView.com: 4xForecaster
- Our social history is on Facebook: www.4xQuad.com
Recent forecast hits:
1 - #USDollar: on.fb.me/19Pf77y
2 - #AUDUSD: on.fb.me/1kDHbdB
3 - #NGAS: on.fb.me/1aSMYHV
More archived here: bit.ly/16JMnH8
---------------------------------
Disclaimer: All of our analyses are for educational purpose only. The forecasts, analyses and opinions generated herein are not trading recommendations. We trust that you would do your own due diligence first, then seek professional advice from a licensed professional and enter the market at your own perils - David Alcindor - a.k.a.: 4xForecaster | 4xQuad, LLC.