We hit the red channel at EOD for the nth time and bounced up as usual. Bulls aren't quite ready to put up a fight, and today's action will likely end as a minor correction. That said, I do see a potential wave count as an ending correction with the set-up to become much greater.
I see no point in fighting the trend, so I will default to the answer: higher...
Firm channel bounce. Shown very good support here previously. However, my wave count shows that the 5th wave has likely terminated.
If we do extend further up tomorrow, the 5th wave will terminate at 2923 or extend far beyond into ATH. Otherwise, we should see a clean break tomorrow into a proper correctional wave A. Invalidation levels is around 2789, a more...
Wave count wise, we're likely entering a correction.
Other indicators allow for this as well.
Today ended on a solid channel break, but bounced off the fib resistance channel.
We can either continue upwards or gap down further. At this point, it is likely we continue down further. I've noticed the potential resistance zones. Most likely, we'll see some gapfill....
Hit resistance in the channel, showing stalling at these levels. M/T/F are usually up days, while W/Th are usually down days.
Beyond that, we briefly hit and instantly bounced off a strong resistance of January 18th, 2018.
I expect at least an impulse wave down tomorrow, going down to the next support.
Unless some market manipulation magic happens, we will hit the strong resistance from January 2018 tomorrow.
We have the golden cross on our backs, but this is an incredibly strong resistance point.
In the least, I foresee some kind of short-term drawback if we fail to absolutely smash through the resistance tomorrow. Futures have already hit the resistance...
All indicators are bullish, but in case of a hypothetical H&S pattern occurring:
Watch for a break in the Ichimoku cloud, and keep an eye on falling volume, money flow, accum/dist, and RSI.
2h / 4hr is best for watching for these peaks.
Short any weakness, but assume bullish until a convincing down wave is present.
Dovish fed, but everything else isn't...
This is one potential wave count. Everything says we're about to head down... but I feel like the market will reach higher. We are squished between two strong resistance zones, so either we will continue ranging or plummet. Guess we'll see.
If tomorrow opens down, enter puts.
If tomorrow opens up, hold cash.
Messiest post I've ever made, but this chart should identify most resistance zones & levels with a fib channel overlay. Tomorrow should be a move down, as we closed under a fib channel and above support.
Forget the fundamentals, forget the fact that AMD is cannibalizing its own business by letting Google use their GPUs for Stadia.
Potential resistance points noted, watch for pullbacks at those areas for reentry. Don't think, just buy. That's legitimately all their investors anyways at this point. Match RSI with resistance points and Darvas...
Resistance did not break - a new high was reached but a move down occurred shortly thereafter. There is still chance for the bears to fight back.
Grasping for straws, in the end. Otherwise, we're melting straight up.
If we fail in breaking 2800 today, we might see a sub wave b of wave b tomorrow. Otherwise, it should be a straight shot into the 2814-2816 wall in which it should fail regardless. If we break through that resistance, we may see some ATH in the near future.