SPY/QQQ Plan Your Trade For 10-21: Gap Potential Pattern
Today's pattern suggests an opening price Gap is likely. Given the markets are trading slightly lower this morning, this Gap potential plays very well with my Roadmap trading outline from last week. I highlighted the need to sell out of positions last Friday and look to buy into the Gap Potential pattern today.
If the markets rally off this opening gap pattern, we could see a nice move in the SPY up to 587-588+.
Gold and Silver are rallying again. But be aware today is a TOP pattern for Gold/Silver. That means both Gold & Silver will attempt to identify resistance and move away (lower) from that resistance level.
Bitcoin looks to have moved into the Ultimate Peak level on an intermediate-term Excess Phase Peak pattern. Additionally, the deeper low sets up a longer-term Excess Phase Peak pattern that suggests Bitcoin has entered the Consolidation Phase (#3).
Because of this, I suspect Bitcoin will fall below the
67K level and potentially move into broad consolidation for a minimum of at least 5-6 weeks.
These Consolidation phases in longer-term Excess Phase Peak patterns can be brutal for traders. The volatility of these consolidation phases can present real challenges and last about 50% of the time it took to Flag. Given this information, we may see many weeks of consolidation within a range in Bitcoin - possibly lasting into December 2024.
This will be a tough week for traders. Try to stay aware of the bigger picture and play the rotation headed into next week.
Get some.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #es #nq #gold
If the markets rally off this opening gap pattern, we could see a nice move in the SPY up to 587-588+.
Gold and Silver are rallying again. But be aware today is a TOP pattern for Gold/Silver. That means both Gold & Silver will attempt to identify resistance and move away (lower) from that resistance level.
Bitcoin looks to have moved into the Ultimate Peak level on an intermediate-term Excess Phase Peak pattern. Additionally, the deeper low sets up a longer-term Excess Phase Peak pattern that suggests Bitcoin has entered the Consolidation Phase (#3).
Because of this, I suspect Bitcoin will fall below the
67K level and potentially move into broad consolidation for a minimum of at least 5-6 weeks.These Consolidation phases in longer-term Excess Phase Peak patterns can be brutal for traders. The volatility of these consolidation phases can present real challenges and last about 50% of the time it took to Flag. Given this information, we may see many weeks of consolidation within a range in Bitcoin - possibly lasting into December 2024.
This will be a tough week for traders. Try to stay aware of the bigger picture and play the rotation headed into next week.
Get some.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #es #nq #gold
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