Short
Bears Load Up Again
Today's price action was bearish in that selling accelerated into the close with rising volume...note the engulfing candle!
The wave 2 corrective retracement has hit our 0.786 almost exactly.
Either today was the bulls best opportunity to exit at the highest prices or a low probability of one more minor rally to complete. The days selling candle has touched the red line to which may signal a support bounce or another red day will usher in heavier selling to signal a wave 3 down event.
Odds are rising of a full-blown crash probability into 2022..perhaps early in the new year onwards.
Whatever catalyst is blamed, it is technically telling us before the "news"...however moronic.
So wave 2 up has likely completed today and a wave 3 down can obliterate the entire Santa rally very swiftly.
Appreciate a thumbs up...Good Trading!
The wave 2 corrective retracement has hit our 0.786 almost exactly.
Either today was the bulls best opportunity to exit at the highest prices or a low probability of one more minor rally to complete. The days selling candle has touched the red line to which may signal a support bounce or another red day will usher in heavier selling to signal a wave 3 down event.
Odds are rising of a full-blown crash probability into 2022..perhaps early in the new year onwards.
Whatever catalyst is blamed, it is technically telling us before the "news"...however moronic.
So wave 2 up has likely completed today and a wave 3 down can obliterate the entire Santa rally very swiftly.
Appreciate a thumbs up...Good Trading!
Note
The Fed has goosed the market for a little longer.We turn neutral as further gains are likely for a while.
Good trading!
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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.
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.