Gotta hold this neckline or it gets ugly very quickly. It's not only tech, the entire risk on trade will unwind fast. My guess is stimulus gets us back above if we do happen to peak below.
Needless to say, it's slippery so act accordingly. Taking all PTP Trend Trader shorts all week. Will look to take the long trades after liquidity injection.
Been eyeing this for a while now. We roll over either today or next week, Value are area at 2774 tagged on profile charts as well.
This looks to me like we just finished a 4th wave and we are going to break the most recent lows at 2180. If I'm my analysis is off, risking 50 points if my analysis is right make 700.
Do your own work.
Be safe. Stay nimble.
I think we go back to 2050 in very short order. Re test the lows at the very least.
Strong resistance here from 2635-2670. Can go higher if we do a EW zig zag.
The fed liquidity and technical ( options expropriations, contract rollovers and major index support levels) are some to the reasons we are bouncing. Business are practically shut down and I've talked...
The situation with all asset classes is hanging in the balance of things we can't fully understand. The dollar looks like it's breaking out at the same time the world is shutting down. This is not good. The world needs dollars and they sell the U.S things to get those dollars. FED swap lines can only go so far.
So when it comes to Bitcoin shown in this chart,...
I don't hear to much debate about what part of the business cycle we're in. We were in the part of the cycle when no profit generating companies go parabolic ( the of the cycle if you don't get the reference). This unemployment chart suggests we might be in for some darker days ahead.
This market is not your father's market. Cash is king. That's all you need to know in the immediate future.
Virus or no virus...the lasting impacts on society and business as usual can be structurally damaging to equity valuations going forward. Not to mention all the bailouts that will be given with the precondition of no buybacks.
best of luck. I'll make...
We are either in a corrective WXY as originilly posted of we are starting a new trend down as part of a 1-2-3-4-5 swing set up. Keeping both of these scenarios in mind the new trading week starts.
P.S the PTP Trend Strategy on the 15 min time frame has been on fire lately.