Yes we have seen these same decline recently with just as violent climbs shortly thereafter. This time the fed is announcing the end of the current asset purchasing program so we will see what happens.
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close up (1hr) shows the price action trying to get back above support and the daily hasn't closed under the support so there is still a chance at the support actually holding, if you discount the weight wicks may or may not hold. Tons of trapped shorts under that support so we could see a capitulation and mark-up due to short liquidations causing a nice bounce. TRADE WHAT YOU SEE!!! but always wait for a confirmed signal.
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STILL in the downtrend...
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This is starting to hit the downtrend resistance.... fireworks soon but the real traders will wait and react, not jump in early.... #STILLflat
as shown by the yellow circle, we saw an excursion that violated the channel and because symmetry exists, two possible outcomes from this structure:
1. We can expect an excursion to violate the top of this channel but not a reason to trade(white arc), this would allow for a retest and break of the current downtrend and then retest of the bull-rally support that was violated in January and this would be where I would start to consider exposing a 401k or IRA to some longer term positions.
2. or maybe that volume will get scalped sending it back down to the current downtrend support?(red arrow)
as shown by the yellow circle, we saw an excursion that violated the channel and because symmetry exists, two possible outcomes from this structure:
1. We can expect an excursion to violate the top of this channel but not a reason to trade(white arc), this would allow for a retest and break of the current downtrend and then retest of the bull-rally support that was violated in January and this would be where I would start to consider exposing a 401k or IRA to some longer term positions.
2. or maybe that volume will get scalped sending it back down to the current downtrend support?(red arrow)
Comment:
The daily is entering technically oversold territory on the rsi and the macd is extended further than Nov of last year….. it either cools off now or falls harder later….
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well that aged beautifully
Trade closed: target reached:
meant to close this one back in october when it broke under 30k for the completion of the idea.