SPX is approaching our first resistance at 2703 (100% fibonacci extension, 76.4% fibonacci retracement, horizontal swing high resistance) and a strong drop might occur pushing price down to our major support at 2508 (50% fibonacci retracement, horizontal pullback support).
RSI (34) is also approaching resistance and we might see a corresponding drop in price ...
1. Last Sell Zone that started the sell off.
2. Shall wait to see how price reacts in that zone.
3. Short at 2703 for a good RR.
4. RSI is very overbought
5. Harmonic Bat pattern as well.
6. Volume is still low in this rally. A lot of sideline money on the fence, thus probability for another downward move is still possible.
*If price breaks this level, mindset ...
We have seen the S&P 500 fail to stay above the 100 day EMA repeatedly, now the market has run up 14% since Christmas. While the bottom may be in, in the near term one should expect to see a technical pullback. There is a very large and very ominous wedge encompassing the entire recovery move and the Stochatic RSI has been overbought for four sessions.
OK ladies and gentlemen. The moment that we have all been waiting for.... Shorting the stock market.
We can clearly see we are reproaching the old range low of the daily range before the confirmation of the bearish trend occurred last month. We should expect that to provide resistance for price and thus a short term short opportunity will be in play. However, I ...
#SPX is again in on of the worst positions ever, this is most likely be a nice short from this level.
Monthly looks the same as it did before 2000 crisis and 2008.
This is normal for every aprox. 10 years now.
We will se in a year where we land. and i hope it is not on the lower support.
Just an update
Entered a short trade on the 3rd Dec and will look to take profit soon in order to re-enter for the 5th wave of wave C down.
Sorry about my wave degrees, I just prefer the smaller degrees to avoid clutter.
Let's look at a few things here - First: Based on the last down swing we have reached the 1.272 extension which, based off the patterns taught by Larry Pesavento, is a key extension for trend reversal (the other, 1.618 I have on the chart as well, as that'd be the next target if this one fails). Second: Volume is telling us a similar story, I added my relative ...
A sizable rising wedge brought us 12.5% off the low. There has been remarkable price stability on lower volume in the last few sessions but the narrowing Bollinger band suggest that we are about to see a larger move. Trend line resistance, the rising wedge as well as falling volume all suggest that the move will be to the down side.
It is reasonable to expect a ...
As we continue the declines from the top (2490.91 on September 21, 2018), we are ready to test and re-take the Christmas Eve lows. This market is the in the earliest stages of the meltdown. TV pundits keep telling you to "buy this dip," but don't be caught off guard.
Based on the moves in our current intermediate wave down, we will see within a few days if wave 4 ...
SPX is approaching our first resistance at 2703 (100% fibonacci extension , 76.4% fibonacci retracement ) and a strong drop might occur below this level pushing price down to our major support at 2406 (76.4% fibonacci retracement , 61.8% fibonacci extension ).
RSI (34) is also approaching resistance and we might see a corresponding drop in price should it react ...
SPX500 have been trading in a narrow range channel - so far it broke the base of the channel, expecting this market to break down which is more probable scenario to me at the moment, but if it doesn't then i am looking the top of the channel for a short trade.
As this market is bearish trending and momentum on all across higher time frames supporting the view, so ...
Obviously, the market is trying to bounce back after a deep sell. We don't know how long it will last, and we don't know how high it will reach.
But we are pretty sure that there are numerous resistances are waiting for the market.
I would like to short this market when there are exhausted candle sticks at the top of the bounce.
Remember to set the stop loss to ...
This is a Forex technique mainly, but when I saw it playing out I couldn't help myself. Impressed by the accuracy, caught today's peak almost flawlessly. Just messing around with this, plan on experimenting a bit more with harmonics in the future.