Today's Gap Breakaway pattern suggests the markets will attempt to gap at the open, then move into a breakaway trending phase.
Given the downward price trend currently in place, I believe the markets will gap downward, then possibly attempt to move higher as we pause above the 568 (pre-election) support level.
Ultimately, I see the markets entering a brief pause/sideways price trend (maybe 2 to 5 days) before rolling downward again into the April 14 and May 2 base/bottom patterns.
I see very little support in the markets right now - other than a potential BOUNCE setup this week and into early next week.
I'm not suggesting this bounce will be a very big bullish price reversion. My upper levels are still in the 590 to 600 area for the SPY. But I do believe the markets are likely to try to find support near the 565-575 level.
Gold and silver will move into a Harami Pattern today (sideways consolidation). I don't expect much related to a big move in metals today.
Bitcoin is still consolidating in a very wide range. I expect the next move for Bitcoin to be a bit higher over the next 3-5+ days, so I believe the SPY/QQQ may trend a bit higher for about 3-5 days.
Overall, I suggest traders stay very cautious of volatility this week. Obviously, the trend is still bearish and the current EPP phase setups suggests we are consolidating into a sideways channel before moving downward seeking the Ultimate Low patterns.
Therefore, any bounce/pause in price will be very short-lived.
Get some.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #gold #nq #investing #trading #spytrading #spymarket #tradingmarket #stockmarket #silver
Given the downward price trend currently in place, I believe the markets will gap downward, then possibly attempt to move higher as we pause above the 568 (pre-election) support level.
Ultimately, I see the markets entering a brief pause/sideways price trend (maybe 2 to 5 days) before rolling downward again into the April 14 and May 2 base/bottom patterns.
I see very little support in the markets right now - other than a potential BOUNCE setup this week and into early next week.
I'm not suggesting this bounce will be a very big bullish price reversion. My upper levels are still in the 590 to 600 area for the SPY. But I do believe the markets are likely to try to find support near the 565-575 level.
Gold and silver will move into a Harami Pattern today (sideways consolidation). I don't expect much related to a big move in metals today.
Bitcoin is still consolidating in a very wide range. I expect the next move for Bitcoin to be a bit higher over the next 3-5+ days, so I believe the SPY/QQQ may trend a bit higher for about 3-5 days.
Overall, I suggest traders stay very cautious of volatility this week. Obviously, the trend is still bearish and the current EPP phase setups suggests we are consolidating into a sideways channel before moving downward seeking the Ultimate Low patterns.
Therefore, any bounce/pause in price will be very short-lived.
Get some.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #gold #nq #investing #trading #spytrading #spymarket #tradingmarket #stockmarket #silver
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