Following a big rally on Monday, a semi-decent one yesterday that fizzled out mid way through the day resulting in a 700 point drop from the high. I am expecting today to be relatively neutral to negative.
No real new stimulus for the upside other than the FOMO of retail clients jumping into the market.
This morning, the RSI and CCI went oversold shortly after...
During the increased volatility you can observe a mild selling of Wall street once open, usually this consolidates withing the first 30 - 60 minutes and results in a bounce back - it certainly did yesterday when a very similar trend was there.
The RSI was oversold and the CCI was at a similar level as it was previously when the market came back and then fell...
Fridays tend to be a positive one for Wall st, especially later in the day - with rallies of 900+ points in the last hour for 3 weeks running.
I like to be a long trader, but when the opportunity presents itself for a protected short I can't not take it.
The limit-up is 5%, if you sell before it hits and hold until the open you can see in this case it makes just...
RSI indicating overbought, CCI not there yet so still room to move higher, has rallied 1100 points from open so may have run out of steam short term, pull back good for 200 - 600 points then take profit.
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ALWAYS put my own...
Broke Trendline and Retesting last week
Price came up to 50% FIB & H4 S/R
H1 still making HL's on countertrend
Wait for Break of Structure on H1, Bearish Engulfings, MA's cross
Price Had a break of structure last week, now creating the countertrend to retest the BOS and continue Downward Momentum
Waiting to see what Price action does at the Exhaustion levels.
Will be waiting for Buyers exhaustion, Bearish Engulfings, Cross of MA's, Break of support before Entering
Price broke Exhaustion and created new High since Mid December.
Waiting on retest of exhaustion, H4 Trendline.
Wait for double bottom, Bullish Engulfings, selling exhaustion, MA's Being respected
After making a huge Downward move (so many confluences) at the start of the last week, Price has made a retracement to the 78.6.
Expecting a retest of the 78.6 Fib, Creating a double top, with MA's Crossing, Bearish engulfings, Break of Support with a retest.
What we can see here is that price has been showing rejection from the major key level of 1593.70. Not only just that, we see multiple rejection from that zone between 1546 and 1562. Recently, price has broken out of early February's descending trend line. Will price reach that major key level resistance and show a possible rejection or break out and retest that...
