S4nra

S4nra

Similar recovery signs on SPX and NDX. See reasons 1, 2, 3 and 4. Short-term retest of 'must hold' (#2) is probable on both or either of them, though not mandatory. Bias is bullish as long as prices remain above the higher low (#1).

S4nra

Looks like SLP found the bottom and broke market structure. Is it a beginning of another cycle?

S4nra

Just need to wait for the monthly close. But if true, this should take time to play out.

S4nra

This could be nothing. Perhaps too simplistic, but the recent rally ending in May looks eerily similar to this recent run. Comparing 1D between FEB and MAY with 12h between July and now. No Elliot/Wyckoff stuff here, simply annotating the tops for comparison. Apart from the price forming a very similar pattern, notice how the volume on both is decreasing and how...

S4nra Updated 

Something else to watch out for is the RSI divergence forming on D1 + ascending broadening wedge, possibly signalling a trend reversal. All of this near a very important level of 48-50k from which the sell off begun in May. Could this be a massive bearish retest? This could add extra confluence to the previously shared bearish weekly outlook and we can see that...

S4nra

Weekly chart - notice what happened after every rally (red arrows), how the price reacted to EMA55 and how RSI tried to break out above 50 after each of these EMA reactions and failed. Then look at where we are now and guess, what happens next? I'd be careful calling for ATHs, especially if this week closes with the RSI facing down like this.