- unexpected strong for XLY
- touch the upward trending
- 5 waves obviously for current big A or 1
- new higher high and higher low
- still facing resistance around 100.81
- price and MACD/RSI divergence
looking forward to consolidation from 97 to 100
not a good buy opportunity for now, neither for short
if it turns out to be super strong - big jump up or suddenly...
- supportive level at 38.2% of the uptrend from Feb 2018
- because it is far from the neckline $82.00, it will not probably break out and get new high
- still considered it is a rebound rather than reverse.
- at the beginning it broke out the long term resistant (blue arrow)
- it did not continue going up, instead it came back and re tested the supportive line (yellow horizontal line)
- broke the support and also my stop (the lower horizontal line
- it did not continue the downward trend, instead it rebound right away with a long solid candlestick
- not chase...
- double bottom without new lows
it took over half year to consolidate in the bottom area.
It is the longest time without new lows since the downtrend started in 2013.
It stops hitting new low is a good start for a reverse.
- They are "Twins" in long term.
- In short term, since last high on MAY 17, 2018, OIH is weaker than XLE.
- Lower lows and lower highs for OIH
- OIH is on the supportive price formed by last two reversing points
- XLE does not hit the lower, instead it has a higher low which looks like it has reversed the downtrend
If XLE is the right, it means OIH has found or...
it is a good lesson for me, as I found its chart looked pretty in technical ways
- a 3 month consolidation after long term downward trend
- Bottom confirmed several times
- price increased with volume
- triangle patterns in the upward trend
however, it failed to continue increase after broke out the triangle. and it is over 10% loss a day.
Lesson for all trader...
do u see the small HS and big HS?
The small one actually did not work out in the end as HS should break downwards.
Now how about the bigger one? Will it break downwards? Chinese stocks in US market and hongkong market are bearish recently.
It looks not good. Tomorrow is the earning day. wait the trigger.
- in weekly chart, it broke down from 5-wave Rising Wedge
- after consolidation in a small flag from Feb 2018 till now, it chose to break down again
- it is on the way of BIG C targeting $46 or even lower $42
- set stop at 49.83
- as previous idea of DUST failed to break up, GDX is going to increase, HOW important STOP is!
- Pink one told us it was a good entry at the triangle bottom which I ignored previously
- Harmonics Patterns (Blue and Orange) tells us 2 resistance prices (targets) with 2 Bat patterns