SHORT - Ascending Wedge. Bears are still playing the top of this ascending wedge pattern. Volumes are weak and don't appear to be strong enough to punch through. Watching closely for a break out or to refill a short.
I did not short off the 665 run; I speculated this was a good time to short which turned out to be true. I turned off the market after playing the last run up. I did setup a BUY around $634 to re-position for the next long run. Target areas are looking at $675.
TARGET AREA: $660.
The bulls took over off a bounce from $615 range; the reaction was strong-near parabolic, either bears were panicked into selling their shorts or the bulls have begun to take more interest in pushing the price back up. This next run up will tell more. There is potential of a flag pattern ...
I've been watching for a long of $635. Chinese markets are showing signs of panic, low volume and 100% pull back. Watching key level for break down here. IF there is a break down the watch for continued bearish run.
Looking at healthy consolidation, followed by bullish continuation. Two points of confluence are the Fibonacci retracement area and prior support turned resistance. Watching closely for bullish volume. Play what you know not what you hope.
I've been playing this inverse head and should and we just had a wash out to the 635 range again, similar to the left shoulder. I am watching closely for a complete inverse H&S pattern off the right dip. The 30min candle was fairly strong on the bounce but didn't fully engulf so I am watching closely for ...