SPY/QQQ Plan Your Trade For 10-18 : Tmp-Bottom Pattern
Happy Friday,
Today's pattern is a Tmp-Bottom pattern for the SPY Cycle Patterns. This pattern usually acts as price attempting to find immediate support in early trading, then moving into a moderate melt-up rally.
After yesterday's big opening gap (higher) on the SPY, I suspect the SPY & QQQ will attempt to rally back to those highs and possibly attempt to break those highs today.
In other words, I believe yesterday's opening price high was a reaction price level where price ran into immediate resistance. After watching price roll downward and now attempt to melt upward in overnight trading, I interpret this move as "failing to continue to establish new lower lows". Thus, price then shifts into a mode of "must attempt to make higher highs".
If my analysis is correct, we'll see the SPY/QQQ melt upward off the Tmp-Bottom pattern and possibly attempt to move up 1.25-1.50%+ today.
Gold and Silver are playing out very nicely - still moving in a solid rally phase.
Bitcoin continues to consolidate sideways. The length of time Bitcoin has consolidated could present a very big breakout or breakdown pattern over the next 2 to 5+ days.
So, be aware that any move away from the #3 & #4 consolidation phase of the Excess Phase Peak pattern could resolve into a very big price move for Bitcoin.
Currently, I suggest the downward price move has a slight advantage - simply because of the failed new highs (price rejection). But, that could change in an instant with a confirmed higher high/higher close.
Get some.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #es #nq #gold
Today's pattern is a Tmp-Bottom pattern for the SPY Cycle Patterns. This pattern usually acts as price attempting to find immediate support in early trading, then moving into a moderate melt-up rally.
After yesterday's big opening gap (higher) on the SPY, I suspect the SPY & QQQ will attempt to rally back to those highs and possibly attempt to break those highs today.
In other words, I believe yesterday's opening price high was a reaction price level where price ran into immediate resistance. After watching price roll downward and now attempt to melt upward in overnight trading, I interpret this move as "failing to continue to establish new lower lows". Thus, price then shifts into a mode of "must attempt to make higher highs".
If my analysis is correct, we'll see the SPY/QQQ melt upward off the Tmp-Bottom pattern and possibly attempt to move up 1.25-1.50%+ today.
Gold and Silver are playing out very nicely - still moving in a solid rally phase.
Bitcoin continues to consolidate sideways. The length of time Bitcoin has consolidated could present a very big breakout or breakdown pattern over the next 2 to 5+ days.
So, be aware that any move away from the #3 & #4 consolidation phase of the Excess Phase Peak pattern could resolve into a very big price move for Bitcoin.
Currently, I suggest the downward price move has a slight advantage - simply because of the failed new highs (price rejection). But, that could change in an instant with a confirmed higher high/higher close.
Get some.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #es #nq #gold
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