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Notice where the 2 orange levels were drawn from in mid April.
Once we got back above that level we held it for 2 months for the most part.
Area of interest for us today.
A level to keep in mind here
2nd channel is a bit descritionary.
top level doesnt hold much weight
Bullish thesis is for QQQ to bottom in inverse H&S type price action and for IWM to form a diamond bottom.
Stops would be below yesterdays low Im thinking.
Publishing for review purposes
target near bottom of channel
Another theoretical short idea
Short with weekly Close below 21 ema and Weekly RSI close below black level
Just a theoretical idea. I am not going to take this.
monthly RSI breaking lows --> take it short
Other time frames listed below
2 hour needs to be bounce here
If it doesnt daily time frame RSI will break down
Before this we were focused on the 1Hr 50 level, and then the 40 level after the first test of the 50 during this massive up leg
General note: All higher timeframes are bullish. Stars are aligned but rejection could take place. THus why were ...
Weekly time frame
Long with deep stop if triggered
weekly timeframe play
From past studies, divergences that occur below 62 are normally some of the worst.
A roll over below 10ema with a sustained move would have me taking massive defensive action for a short term move.
Additional timeframes to be posted:
Recent Examples of power earnings gap plays: NVTA, DDD, AAPL
1st target is to high of range. Second target is 1.618 fib extension level
With Transports going out to all time highs ODFL ran across my screen
Todays close presents us with a great risk reward oppurtunity.
Thesis is for monthly timeframe to catch 70 RSI level support here and remain in an out right bullish trend.
Stop slightly below low here.
It could move sideways here in a tight range for a few days. Careful to to get chopped out.
Ideally target is near recent highs.
Bullish RSI bounce on the 3 day time frame.
Higher timeframes look like they could support prices here.
Stop slightly below todays low.
Thesis here is a critical RSI level bouncing on the daily.
The weekly RSI is likely to bounce on the 70 level.
Minimum target is the most recent high
Profit taking for the trade will be entirely discretionary.