Just charting out the upcoming week and a few possible scenarios i see playing out.
The biggest addition to the chart is a descending triangle from the highs of our last rally and the highs set yesterday, and the up trend line from the August lows, through the most recent lows. This is a game changer IMO if it plays out.
Red: We reverse from where we're at and...
This is hanging off a cliff in a downtrend.
RSI is a little low on long term so shorting does make me a bit nervous.
How about we look for the right short signal on the shorter term (5 min) time frame and then see what happens. Be protective but that bear break looks likely. Could take 2 or 3 days to touch the bottom of the channel again.
You could play long...
We are looking good. Nothing stands out to me from a technical standpoint that would be cause for concern. Fundamentally, we are still truckin right along. Lots of earnings reports still to go.
YouTube: Dumb Money Trader
Not an expert wave counter by any means but can't make anymore sense out of price action then some sort of textbook impulse wave up from January 2019 into some type of flat pattern. I keep thinking triangle of some sort but not sold on that. It also doesn't appear to be an ending diagonal nor in the A position as a leading unless I'm missing a bigger picture. Well...