Price still mitigating the July FOMC as I suspected
Updated
Price is still on its way to mitigate the July FOMC level as I suspected a while back. I just got caught up in the short term and forgot about that prior post I made as a likely target.
I was wondering why the July FOMC level hasn't been retested lately as the September FOMC level bounced off. It seems to be repeating the December 23 FOMC level where it makes a suspension above the level before coming back down.
Now, I will be closing watching the July FOMC level and if price will come to the tick to it before another rally.
The arrows marks every time the market dumps down to a previous FOMC level only to halt mere ticks from it without breaching. If the July FOMC level is to not be breached, then it too should dump down into it by mere ticks.
I am still bullish on the Dow and am not going to fall for the manipulation. I will expect that low to be taken and articles mentioning extreme bearishness and another crash. This will be about the time the market forms the low and rallies back up to 46,000
I was wondering why the July FOMC level hasn't been retested lately as the September FOMC level bounced off. It seems to be repeating the December 23 FOMC level where it makes a suspension above the level before coming back down.
Now, I will be closing watching the July FOMC level and if price will come to the tick to it before another rally.
The arrows marks every time the market dumps down to a previous FOMC level only to halt mere ticks from it without breaching. If the July FOMC level is to not be breached, then it too should dump down into it by mere ticks.
I am still bullish on the Dow and am not going to fall for the manipulation. I will expect that low to be taken and articles mentioning extreme bearishness and another crash. This will be about the time the market forms the low and rallies back up to 46,000
Note
If my thesis is to hold true, then the July FOMC level SHOULD NOT BE BREACHED. Price should come mere ticks away from it and form a low.
Trade active
I am short with the expectation of a spike and channel grind lower into the FOMC level.
My fill and trade management:
Entry: 42,830
Stop: 43,055 225 ticks
Target: 41,920 910 ticks
I am confident that the market will do what I am thinking and am willing to risk to find out if this idea will play out or not. A 4 to 1 opportunity that should play out by the end of the month.
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