Market is bullish short term
Updated
I believe the market is turning bullish for the short term hitting a 61.8 or 78.6 or 100% retracement. The reason I have already entered the market is because the daily CRSI has already turned. (I use the CRSI as opposed to the RSI as I find it a little more sensitive to chart action) In addition, the 4 hour, 3 hour and 2 hour indicators look bullish so I have decided to enter.
The indicators on the weekly chart are starting to look bearish, so I do not think this will be a big move up. As well, I think we have a Head and Shoulders Pattern presenting so it will end up going lower in a few days or week. (I have labeled the H & S pattern on this chart.) I am projecting it will start to go down around Jan 27th based on the distance between the Head and previous left Shoulder.
I will exit this trade when I see the 2,3,and 4 hour indicators are ALL beginning to look bearish.
Please ignore the Orange line (50 SMA) and the black thin line (200 SMA) as I am just learning more about this right now.
I may post a 2 hour, 3 hour and 4 hour chart showing what I saw to make me enter a bullish trade, but I am not too good at adding charts.
The indicators on the weekly chart are starting to look bearish, so I do not think this will be a big move up. As well, I think we have a Head and Shoulders Pattern presenting so it will end up going lower in a few days or week. (I have labeled the H & S pattern on this chart.) I am projecting it will start to go down around Jan 27th based on the distance between the Head and previous left Shoulder.
I will exit this trade when I see the 2,3,and 4 hour indicators are ALL beginning to look bearish.
Please ignore the Orange line (50 SMA) and the black thin line (200 SMA) as I am just learning more about this right now.
I may post a 2 hour, 3 hour and 4 hour chart showing what I saw to make me enter a bullish trade, but I am not too good at adding charts.
Order cancelled
I am going to close/cancel this trade as I don't think this will happen due to some weekly indicators, etc. I learned something new at a seminar last week, and I will repost my thoughts on the SPY later today/tonite.
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.