Ethereum ready for a pullbackIt looks like we have a diamond top formation playing out for Ethereum at the moment, and as such, can expect to see a correction. A pullback to the EMAs, whether that means pinning them or pulling them all tightly together, seems like a probable outcome to me. I'm leaning towards a tightening of the EMAs being the most probable outcome, followed by a new set of surges to the upside.
Short-term
Short if comfortable shorting anything in a strong uptrend, but beware of fakeouts before the actual pullback. Better to enter on confirmation of support having turned resistance, or at the very least scale into the position with the lowest possible leverage from the get go. Adjust on having seen a solid confirmation of the correction.
Medium-term
Build longs on the way down: small position sizes and low leverage. Up the stakes after only after a reversal pattern and a continuation to the upside stands out as the most probable outcome, meaning confirmed on multiple timeframes and backed by price action.
Diamondpattern
Diamond Breakdown With TargetsI'm expecting a brief 25-30 percent correction before continued upside. Bearish Profit taking targets will be at around the $6.90 area with Stoplosses above $10.24
I expect that after GEL retraces back down to the $6.90-$6.40 Levels that it will continue it's uptrend:
For bullish Targets on GEL refer back to my original Bullish idea on the Related Ideas tab
Quick Daily Dow Decision DiamondWhile the interwoven diamond pattern is a strong bearish signal, it does not actually provide strong guidance as to the very local direction of the next miny-swing in the DJI.
It seems that we will either test that upper trendline once more (as would be consistent with the past year of whipsaws), or, we do not.
I have a strange feeling it will not and the red path displayed will set fourth the new Dow trend lower.
The difference is sort of semantic - but it does highlight the "rigging" type nature that markets exude during market "crashes."
-4-D Pig
DJCFD:DJI
GLOBALPRIME:US30
DJCFD:DJT
NASDAQ:NDX
SPCFD:SPX
DOGE Diamond ReversalHope you took advantage of Doge which I made a post back on January 9th.
I labeled this neutral as it will likely go up resulting in a bear trap. All of you out there quoting 10-14 cents be careful. I see this coming down to the 4.4 cent level, which would be a great place to step in for a good sized bounce.
It's been a fun ride but all good things come to an end. Best to look at other opportunities for now.
Remember this is only my formed analysis outlook. This is not an endorsement or recommendation to buy or sell.
#SP500 - 4 Hour We have a diamond pattern on the SP hourly which could signal that its a "continuation" formation or a short-term top .
- Break below 3784 opens a short trade targeting 3754 then 3735 (counter trend)
- Above 3820-3830 opens futher upside to 3863 then 3881
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.