I'm waiting for momentum exhaustion. The current true market direction is bullish, however, we are approaching a key weekly and monthly distribution zone. Earnings are also around the corner. Should they do well, I expect action to pop above $305 - $312 zone temporarily and see what institutions will decide to do at those monthly zones.
Momentum loss can be confirmed by:
1. Shrinking candles.
2. Wild price swings.
3. Sideways price action.
4. Long wicks at key levels.
The next key fib extension levels are reflected in the chart.
Momentum loss can be confirmed by:
1. Shrinking candles.
2. Wild price swings.
3. Sideways price action.
4. Long wicks at key levels.
The next key fib extension levels are reflected in the chart.
Note
Stacking traits so far:1. .238 deep pullback zone from the larger fib from ATHs to the swing low.
2. Weekly and monthly distribution zones.
3. 0.5 and .618 of the previous leg's fib extension zones.
4. MACD is slowing.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.