Looking at the SPX, it has an upside bias as long as it continues to make higher highs and higher lows. The current rally off the brexit lows and pullback from the august high has a similar look compared to the rally off the feb low to april high to the brexit low. Both periods seem to have pulled back 38.2% of the previous rally and looking at the X axis. The...
I will be looking for price to follow through. Would like to enter short around 4820's, idea being enter within the ribbon and play the follow through of the new downtrend. Target last weeks low for >60pts. Risk 20pts at/around Friday's high, R:R = 3:1.
SYNOPSIS : 1 - Overall price action suggests an incomplete 5-wave impulse with Elliott Wave alternation rules giving way to a complex Wave-IV consolidation with support expected at 4104.70, compared to a simpler Wave-II which occurred between 04-2010 and 10 2011; A resultant Wave-V completion remains pending 2 - Predictive/Forecasting Model eyes ONE pending...
NQ hit LL and LH Drifting down the rails
That was quite the impulse move down from the 61% retrace. Almost climbed back up ; but not quite. Is that a a failure?
Barely hanging on. Can you say sideways action? Can't go down and can't go up. I am thinking that upward momentum has stalled, so there might be a correction
This could get interesting if the lower rail is broken downwards. Target 50 % retrace at 4440 then possibly 61 to 75% retrace which takes us to the previous resistance at 4380. Will that be support?
That was quite the explosion up on May 24. Since then it has been walking up the top rail until today we hit the median. The SQZ shows a loss of momentum. A drop through support at 4490 would also break the lower rail and signify a change of trend down
NQ in May drifted down out of the fork, found support at 4300 (double bottom) and has rallied back but not quite to the high at 4590. CCI and SQZ show the rally is losing momentum. NQ is still moving up but if it fails here this could be the next channel down. Target 100% extension at 3966
Check the link below to see the monthly chart. Now it will probably come true. However - all i see is pressure from above. Not even a pullback up to the MLH (Medianline Parallel) was possible. ...to be continue. P! Free Action/Reaction & Fork Course: mytradingcoach.teachable.com
Vix back to mid 12's where it was last market peak..then it dipped to upper 11's and took off..This may be early but its a heads up to catch a 1 to 3 month vix/market cycle...I'm neutral at the moment laying in wait ib a daukt to take vix products long..for a cycle.
The break of the mini- Forks L-MLH is allready a indication of a turn. Breaking the L-MLH is never a good bet for a continuation of the trend... P! mytradingcoach.teachable.com
1.272 ext. Target Hit! www.facebook.com
Minor resistance held and now the August lows must hold otherwise we will have a date with the 3700 area. We are shorting all pops until last weeks highs get taken out. REMEMBER NON TRIGGER - NO TRADE!