We finished 1-5 elliot wave at strong support (red zone) and started SHS pattern. We must breakdown the neckline which confirm this pattern. Possible end of ABC correction and TP may be about green zone.
The S&P500 is trapped in a fairly tight range, between 2830 and 2960, we are currently mid range.
Short-term traders can trade the range, while more longer term investors can wait for the break ….
Look to buy the SPY ETF near the 2930 bottom of the channel, or use the inverse ProShares Short S&P500 ETF (SH) to get short at the top of the channel (2950)
IWM has been the spy's faithful partner up chart since 2009. This run is different. I think we may be destined for failure.. until iwm can muster the strength to breaks its trend.
Suppose there's 2 possibilities here. either spy's gonna retreat, or iwm needs to make up some ground.. has a large distance to make a new high. Given circumstances i think retreat...
Looking at the 4H and the Daily, we can see the potential for an inverted H&S, with the potential to the upside (1.3000 as final target) We are at lows, around the 1.2550 zone, which has served as previous support. Price is currently above this area, and I am looking for a movement to 1.272 through to 1.28, if we can break above, we can potentially see a price...
Heres some interesting spots on chart. xlf been lagging. similar to iwm.. which looked to be backing out of similar resistance zones.
May pickup some puts to add to my rally for nothing hedge.. Keep waiting to hear why we're back up here. fed rate that never changed? trump deals that never get made? earnings revisions everywhere.. so much debt.. etc
Market loves it when trump claims a victory.. but how many times will we fall for same news? Last time the tweet news did not make sustainable rally. seems like nothing new here. Why would we break highs and continue up?
There's some lines showing possible lack of confidence. We'll see how the cpu's play it. Trying to keep stance balanced. But im...
SHS on 1D near to break down. Just did a pull back to upper side of bearish directrix today leaving a 4H bearish candle and way to live it in 1D also. It could break down soon this week.
Likely to go down until 0.618 fibo retracement (around 4950). I would set sl at around 5415.
Here we have an opportunity to sell GBPNZD after it reversed off the .382 fib retracement and formed a head and shoulders pattern, which has been confirmed with a bearish break of the neckline.
At the current moment, you should wait for a better opportunity for entry as price is sitting on both a horizontal support (highlighted in green) and a ascending support...
After reversing off of the .5 fib retracement, GBPAUD is giving us a nice opportunity to follow the trend further downward.
We have multiple confirmation signals including:
1) A broken and retested ascending trendline
2) A broken and retested Bear Flag
3) A broken and retested Head and Shoulders Pattern
We also have a potential AB=CD pattern with the D point...
The GBP/USD pair is about to trigger a head and shoulders pattern on the daily chart, after rejecting the 50% Fib level of the April '18 - December '18 impulse move.
The pattern projects a fall of around 450 pips (around 3%), which aligns with the December 2018 low of 1.2500.
Bear in mind that upcoming Brexit developments may increase volatility and intraday...
Heres a trend that may continue? Not sure I see a reason to break out to upside? Not sure what china will do as retaliation, but I imagine market wont think of it as a reason to rally back to highs.. but who knows, been wrong many times before.
Why this forecast will ultimately prove to be incorrect:
Im around 90% that monday, if market starts falling, we'll be...
A bearish trend could be expected after this SHS pattern in 1W. Support at 21.5x has already been broken. A pullback may happen in next weeks to that level as a resistance or keep going down to 20.0X support directly. This will be a very strong support which I don't think the tick is breaking. Few weeks remaining for confirmation.