Points of Confluence
1. price is ranging within the downward channel
2. support found around .23 and .38 fibs .5 acting as resistance
3. potential (speculation) H&S
4. price imbalance is "filling"
I expect price to react with the thick black trend line as such:
_eventually_ break up and out of the triangle
come back down and re-test that range (the...
I think XLE price will experience resistance around $83/85. It's possible price will keep climbing to $126. But I think it's more likely that Energy takes a breather, allows Tech stocks to regain some ground, while energy winds up for a final leg up.
As a NEAR holder I hope this doesn't play out, but I've charted what I consider to be a "worst case scenario" and I'll ask myself, if this happened, how would I play it?
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I am neither Long nor Short at the moment, These ghost bars were pulled from the past, and applied to the future to construct this scenario.
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calculated using fib, imbalances, price action and BB ranges.
I'm have a hunch that price will blow past resistance, however we could see several days of resistance, tests, and re-tests at that level before SPY ultimately decides which direction it's going.
Yes, it's a guess, as is every other Idea on this site. here's mine:
I think PA will make its way back up to the top of the triangle, break out into the red box, where there will be some sideways action and false breakouts. PA (Price Action) will return back to the center of the triangle and stay there for a while, until price dumps below the triangle.