WOW what an unexpected breakdown before the news. Yesterday's broadening wedge idea completely failed after a retest of the diagonal s/d zone I have in yellow.
With major uncertainty brewing in data releases tomorrow, who knows what tomorrow brings. Support below is quite loose. The long term trend line connecting all prior peaks sits right at 389. A retest of this and relief bounce would mark a textbook technical pattern but markets rarely move so perfectly.
My plan is to go with the trend for now expecting a reaction in the mid 386-389 zone where maybe I'll long based on 5m chart support.
TLDR: Oscillator supports bears, trend supports bears, today's engulfing candle completely decimated yesterday's attempted relief. 🐻
With major uncertainty brewing in data releases tomorrow, who knows what tomorrow brings. Support below is quite loose. The long term trend line connecting all prior peaks sits right at 389. A retest of this and relief bounce would mark a textbook technical pattern but markets rarely move so perfectly.
My plan is to go with the trend for now expecting a reaction in the mid 386-389 zone where maybe I'll long based on 5m chart support.
TLDR: Oscillator supports bears, trend supports bears, today's engulfing candle completely decimated yesterday's attempted relief. 🐻
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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.
❤️ Premium indicator subscription @ Whop includes: Mojo Levels, Manipulation Model, Super Oscillator, VIX Meter, and Volatility Radar
🔗 whop.com/c/upslidedown/t use discount code FRIENDOFUSD for 20% off FOREVER
🔗 whop.com/c/upslidedown/t use discount code FRIENDOFUSD for 20% off FOREVER
Related publications
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.