MFI, RSI topping at ATH, Sector rotation out of megacaps is the money flow. Looks like a complete 5-wave EW impulse.
Ofc it can still get higher. Odds seem to favor short in near-term. Just an idea, not advice; trade at ur own risk, GLTA!
On my Twitter, I showed a chart and asked if we have broken out. My personal answer is looks like it but not confirmed, not yet.
Bears are weak, seems to be forming higher low with all the liquidation breaks, while bulls are bringing price higher. But looking at high timeframe price action, I am still not convinced of the up move. But wit each passing day, bulls...
Rotation continues with #NDX below 12060-80 my key level, while #RUT continue to shine. Not sure when is the next rotation back but probably shorting #NDX is the safer short to do now.
My blue bias zone at 11910-22 strong level.
Bullish above, with resistance at 11940, 12018, 12068, 12110. If price hits 12210-20, it should offer low risk sell evel. 12068 will...
I believe what is happening today is the classic blow off to the upside on the stock market, notably the SPY or S&P 500 index. All the internals that I look at are screaming that we are way over done to the upside.
Today I will be adjusting my Put Spreads accordingly to profit for the inevitable sell off.
200 Day Moving Average.The ultimate support for gold. And looks like a falling wedge.
Gold could fell below 200 Day Moving Average and targeting the high traded volume zone at 1747 level before a major trend reversal.
Look for divergence indicator for better entry timing.
Disclaimer: * Please do not trade solely based on the opinion of my post, do your own...
I see overall direction as up after price violated the downtrend for the first time in a very long time. Today's price
action was creating structure high. At the moment as you can see price is at resistance and when we have an
uptrend we buy at HL. This is an opportunity for counter trend traders to take shorts confirmation on lower timeframes
Traders, Gold hit our target of 1839 yesterday which we identified in August 2020. Now it can have a little bounce form here but our bias still remain short from the higher time frame.
These are few very important Levels to watch out for plan Your Long & Short Entries and taking profits.
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Gold tagged proposed resistance on Friday and dumped today…beautiful. Price is quickly approaching the long held support near 1780. This level is an important parallel and the lower channel line from the bearish channel off of the August high. I’ll be paying close attention to 1780 for reversal evidence. Visit scandex.com for more!
XAGUSD has broken the mid-term trendline extended from 18 Mar 2020 to 29 Oct 2020.
Potential short trade with around 1:3 risk & rewards ratio was triggered after the trend line was broken.
Stop loss was set at 24.453 and final target will be at 200MA in daily timeframe.
Take note of demand zone from 21.66 to 22.73 and partial profit can be taken if it is...