Coinciding with talks of recession, the Baltic Dry Index (which can be thought of as the cost of international shipping of primary goods and so an economic indicator) is approaching the lows seen during 2020. With a 60% drop left to the 1D Cosmic Channel Lite support and Cosmic Markers Lite not yet flashing the strongest support signals the prognosis is...
1D price rose close to the max Cosmic Bands resistance, potentially forming a new Cosmic BB SR level. Statistically this would be a point of reversal but max resistance has not been reached on higher timeframes and it may be a good idea to wait for bearish confirmation.
SPX price has risen to high-maximum resistance on multiple timeframes while showing few bullish signs, suggesting a drop is likely. The short target is set at the extrapolated 1W Cosmic Gravity resistance channel top.
The neat thing about Cosmic Flow is that is lets you use one MA period for the resistance and another one for the support. Here we used the HMA with 50 bar resistance and 100 bar support to recognize a repeating pattern on the 1W chart, in combination with the Cosmic BB SR indicator. While these two indicators show that the price is now more bullish than it...
While according to the 1D signal the price should reverse back up, the other timeframes suggest that the bearish trend may continue at least until the Cosmic Bands S1 line, where the short target is set.
The chart points paint a bullish picture although the price is just above support levels on the 1M and 1D timeframes. The long target is set at the next extrapolated 1M resistance and the stop at the 1D basis line.
By combining the levels show by the 2 indicators Cosmic Flow and Cosmic BB SR it is possible to forecast the amount the price will drop (or rise) as shown with the vertical red arrows. The price is currently at a level it consecutively tested twice and were it to drop further a rough estimate for a short target using the current trajectory would be in the...
The 6h, 1h, and 15 minute timeframes show the next concentrated support to be at $100.7 (thick red line), while the next minor 1D timeframe support lies at $100.1. The price hovering below the current 6 hour Cosmic BB SR support suggests further downward momentum.
The two signal points marked in the chart suggest the current drop still has some way to go until either a Cosmic BB SR support level is formed or the Cosmic Angle value approaches zero.
