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Not much to say here. It's been a very annoying "wait" for a short here but I "think" we got the beginning of a setup. Wait for a break of the lower trendline + flag. However, I think they might want to bring it up for one more push near the 50% retracement. GL
Just a quick observation here. This looks like a corrective structure. I'd LOVE to see the top part of trend line hit, BUT high volume was unable to break the "bigger tend line top" so maybe the fall starts now?
I still think "natty" has one more leg down before a major buy.
OIL is showing signs of a WXY correction. We'll know for certain at some point this week. Possible good short play here.
At this stage I don't see XBI shooting out of the channel. Very likely down move by Tuesday. There is a possible quick retest of the highs before the down move. If we see above average volume on a retest of highs (and unable to make a new one), that would also be a nice short setup. GL
I've labelled what I see with Natty. I think we see a short leg down in the next couple of weeks. The daily seems to be printing a flag right now. We need more time for confirmation however.
After that, we probably see a really powerful impulse up that could last 6-12 months.
There is zero reason to bottom fish here yet. This is where patience on a long entry will save you a lot of headaches. There is still no clear divergence (RSI & MACD) indicating that this "could" be the bottom.
As you can see, the "rally" we had this morning is all gone, suggesting another leg lower. I've updated the natty chart with a clearer channel. I'm ...
Here's a quick look at XBI on the weekly and what I see. I'll be shorting everytime it hits the top of the trendline. I'll be shorting every divergence and overbought signals on the 60 & 240.
There's a lot of hype with the bio sector since its 2016 lows, which is exactly what a B wave does. It creates hope, only to have it taken away. This is a multi year ...
Silver is real close to a breakout here, but has been rejected twice at the top of the trendline. My bet is that silver will breakout but I'm also aware that low volume could mean a total trend reversal in the next 24 hours.
You wouldn't catch me going long here (XBI) at these levels on the 60 minute chart. RSI and MACD divergence to price ratio is CRAZY. On watch for a short tomorrow. GL
I've laid out two possibilities here for JO (Coffee). We have a double TAG 618 retracement, RSI divergence and MACD curl. so a short term up movement is likely. However we still might be in an ABC correction. So a retest of the lower trend line is quite possible.
If we break out of the top trendline, look for a flag before going long. GL
So this is what I see:
The descending volume MA should never have produced such a strong impulse YTD. The divergence is too obvious, and boggles the mind as to why this 2017 rally was allowed to happen. QQQ is up roughly 8% this year off of the December 30th lows. CRAZY! A 5% YEAR is considered great. How are we already up this high? Makes NO SENSE!
We've now ...
It's time to pay attention to NATGAS this week. The next big move up is soon. First area of interest is the 2.95-ish area. GL
Natty looks like on the verge of it's "potential" last leg down. I'm looking at that 2.95 area for a possible buy signal. GL
Not much to say here, pretty straight forward forecasting. I'll be long if we test 16.25-16.30 range. Note I pointed the arrow straight to the 20th. ;) GL
This idea here shows two potential trade ideas. I'm anticipating a short term sell signal at the 1200-1205 area, finishing the 5 wave impulse. I have ZERO intentions in taking that short trade. What I'm looking for is the long setup at the bottom of the flat (double bottom). It may bounce off the trend line or break it, but you don't want to miss that long trade ...
I don't like thinking "short" when you're at "ATH", but a pullback is in order here for QQQ "at some point". Ideally I would like to minimise risk by waiting for 123.50-124.00 (if at all possible) to start the short. The current inner structure suggests a little bit more upside so patience here is key. Volume will be the key indicator for entry.
The FANG stocks ...
A long play based on divergence only, both RSI and MACD. Seasonal coffee chart shows a probable up thrust in January. GL
We might be waiting a while longer for that -long- setup. This structure is bearish and we could see GDX hit as low as the 18s.