Happy Friday! We are inside this green rising wedge, witch is newly formed by todays peak. this extends the wedge a bit, resulting in the possibility that we keep crawling up till Monday. I'll be watching for the wedges support vector to giveaway... there are many forces at play creating resistance levels that could catalyze a drop... the red dashed lines are...
We had a nice bounce off of the 50% Fib Retracement level and are in an ascending wedge. Where are the natural tops of this wedge? I would propose either of these red dashed resistance vectors could trigger a reversal. (or maybe it just former at the close?) This reversal is potentially going to lead to a bigger...
We are inside two bearish channels (red) and two bullish channels (green)... all below the ATH resistance vector... which is really just another bearish channel at this point. So my channel score is Bears 3 : Bulls 2. Todays double bottom could hold as support for the bulls, as they have recharged after a bit of a pull back (see the RSI is super low (purple...
We entered a bullish correction at 2:30 today, with a strong reversal off of yesterdays low of 349 This corrective pattern may have just shown its hand as an upward sloping pennant or rising wedge (brown). If so, I feel that the Support Vector of that wedge may only hold the price 1 time after it is established and supported. With both the descending resistance...
Looks like we have met a Fib level for apple today... How influential will it be?!?! I understand Apple has news for tomorrow... will the news make the market, or will the market make the news? (its usually the latter). Cheers,
The volume is no longer supporting the bull trend. This divergence could be a warning that a reversal or pull back is forming.
Happy Friday, Looking at the 30minute chart for SPY today. These are what appear to be the prominent channels of support and resistance that we are arguing with in. First order is the gold rising wedge. The support (solid lines) of this will inevitably give way in for a correction down to the green support lines. Of course, this rising wedge keeps stretching...
Just had a direction change on the minute... will reality of impending chaos be triggered by this turn, or will this yellow trend hold for the bears?
This appears to be the current argument over price that we are trying to resolve. How soon will it resolve, and will the support or resistance rein supreme? I am now neutral instead of bearish. Time will tell!
I'll be tickled if this turns into an island reversal pattern with a gap down after hours. That would also respect the light blue bear channel. That would be a poetic and telling way to fill yesterdays gap up, with a very ominous message. Note that our daily support (yellow) was from two pretty prominent recent peaks... so this could be enough support a bull...
I am curious to see if this rising wedge resistance holds and we turn bearish , or if the resistance gives way to a channel (like the one shown in darker green) and we run up This wedge looks like it may line up with the right wing of a Gartley bat pattern... but I am not familiar enough with them to be confident... any one?
Looks like we broke to the under side of the pink rising wedge, and had a slow top / curve down. Bearish Engulfing candle on the 30 at 10:30 to start a series of 3 black crows. Broke below the recent low of 332 just now as well. MACD is above center and headed down. RSI is low, but has more room to go. ... This is my biggest reservation about this idea. I...
The pink rising wedge pattern which usually will break south, also appears to be a bearish pennant continuation pattern as well... Add in the opportunity for a double top (yellow) and I feel bearish about amazon this week. How bearish am I? well... the flag pole (red) of the bearish pennant could be used as an indicator of how far the next move will go. ...
Good morning! Friday surprised me with a strong push past all the local resistance vectors... This morning, I see a rising wedge (pink) which correlates to a over bought Relative Strength Index on he 30 day... this should break south. The next prominent pattern may be the purple accumulation / upward channel. This is still nested with in the green downward...
This pink pennant pattern is the current argument we are playing out. This is likely to break out bearishly, as we did not see any reversal patterns when we entered the pink pennant. 320 was a strong support level a month ago... but I would like to see a reversal at lower support or Fibonacci level, or the intersection of both! ..., With a more notable reversal...
We look to be testing the (red) Support of a long time frame growth channel (on the Log scale). If this fails to support, our next chance is the green line. There is a pink gap that is begging to get filled below that, and the previous low of 308 (blue) could offer some support after that. I’d want to see some strong signs of reversal before buying back in......
Filled one big gap, and the July 30 gap remains as a target in my mind. 93???
We broke out of the summer growth channel, and saw some big support overnight at the 50% fib level, measured since the last correction ($3255). I would Exocet a bounce here, but I feel that this level is too close to the channel we just left to really hold water. The 61.8 fib level seems more interesting as a target.