The Dollar has been consolidating for a while now. The time has come to test the weekly trend line. A breakout could signal a long term reversal
IWM broke out of a daily trading range last week, and climbed towards a weekly resistance zone. The yellow price zone that I marked in the chart represents a weekly structure that acted as support... now should become resistance. The 61.8 Fib level could also generate some selling pressure on IWM's price.
Pay close attention to 40$ Two bearish harmonic patterns are in play here
IWM had a strong week. It is still in what I consider a Resistance Zone. So I'm currently looking for bearish positions and signs of weakness. Notice that IWM has generated strong moves before that turned out to be false moves. It will be interesting to see at which price levels we'll close the year.
Pay close attention to the weekly trend line and the 200 days MA line Going down? Or are we heading toward a massive rally? Time to make some decisions!
Apple is up by more than 4% today following its earning report. The stock is testing previous highs and also the top of a rising wedge pattern. This could be an interesting resistance zone to monitor if you are looking for a contrarian bearish trade
A potential bearish harmonic trading scenario involving a bearish Bat and a weekly structure zone
Interesting setup on the QQQ Weekly Double Bottom, AB=CD pattern and the 200 weeks MA line.
Bullish AB=CD pattern developed in the Russel. Momentum is being bulit. Still high risk as bearish sentiment still dominates the markets
Notice the bearish pattern with completion near 16,000 The market is still strong (Santa Rally)...but we should pay attention to that development. Tomer
An interesting pattern has developed in recent weeks... The reversal pattern was triggered last week following Banks Earnings.
200 SMA 61.8 Fibo Harmonic pattern Strong resistance zone ahead for XLE
Check out the weekly chart of XLE with a potential resistance zone to focus on in the coming weeks/months
Bearish Gartley (Daily)
If you need a demonstration of how Triangle Patterns work .... Just look at this chart
Will the DAX hold this support zone through this volatile trading week?
Notice that the S&P500 has been rising recently on thin volume. In addition to bearish divergence and harmonic pattern (completion just above 3300), we could be near the end of the current bullish run