If we are forming a large counter trend move that's going sideways in an EW abc correction. I think we've got a good shot at filling the gap if the last low in mid June holds. I think we will see the start of a crash move starting within one or two weeks. If the gap fills and we get a lower high than the peak made in early June. So the sideways move could continue...
Seems like levels are close to the halfway mark in the Fib retracement. We're looking at a 27% rally from the low. Not sure why the rally has lasted this long and been so strong, it could be from a short squeeze...who knows. It has to end soon I would imagine.
We are heading into earnings with bad news ahead of us plus more bad economic news, so I anticipate the...
On the S&P FUTURES is forming a particular candlestick "pattern", a checkmate . A (bullish) checkmate consists in a series of long black (red) candles followed by white (green) candles (or small real bodies) near the same support level, and reveals that the bears’ drive is being “checkmated”. If the current candle will be green, then most likely we are going to...
Like I said, expect fake-outs, and this morning's $SPX gap down looks like it might be a big trap.
Stepping back, some will see a successful re-test of the Monday lows as a bullish sign. So next stop will be the resistances in the 2,900-2,915 range.
If it pulls back, it should fine support at the bottom trend line of the channel. If it falls below that, it should find support at the support zone identified. A run will make it hit 2816.75 and it may struggle there and if it continues to climb up, 2840.50 is in sight as next profit target.
Fibonacci tells me it would go at least 38% retracement range of 2685..
I think a short trade placed at 2710 with stop loss at 2715 and profit target of 2685 would yield more than 1:4 risk to reward trade..
Disclaimer: this is no recommendation for any trade. I am using it to track my paper trade prediction performance