Pair created a new swing low on that invalidated the 1st 4H trade setup. Now the rules of the RSI 80-20 Reversal have been met. 1st Swing Low (SL)- oversold RSI - 2nd new Swing Low - buy stop at high of 1st SL New 30m Timing Trendline drawn Entry at 4H Buy Stop Take Profits will be shown on update
S&P Index SPX500 Short term double top/loss of upward momentum and now struggling below reistance at 2588-2590. A short term sell back to 2576 with stop above 2590 for 20 point win or 4 point loss
This is zoomed idea which revealed three soldiers formation triple bottom and 7500 level which stopped all attempts to go lower. Losses were stopped by strong support mentioned in previous Idea, at 7500 which also created irregular head and shoulders pattern or triple bottom. This configuration of signals combined with three soldiers pattern on 4H chart makes...
I marked rounded bottom which was confirmed as the trend reversal formation. This kind of formation is very reliable most of the time. Pair is flirting with psychological level(0.00001000) which is consolidated with GAP from Daily chart. I think it is wise to wait a little bit to see what market will decide. I’m waiting for more confirmations.
Over the past years, the GDX bounced on the 200 MA pretty hard, and it acted as a strong level of resistance or support. It just happened again. Even if gold was rising in a pretty strong way in the last couple of days, the GDX was still unable to go up. That means the bounce is really strong.
The recent bounce in the oil from 27 to 34 which had 7 points and if we substract 200% from 34 then the targeted zone comes around 20.. As per the chart technically it must move down to below 20 with some counter rallies.
Breakout potential through trend line resistance. 20 DMA support holding up.