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A textbook reversal? Volume has been steadily decreasing for 9 consistent weeks. We expect the new Unemployment report on the 5th of June. I am a complete noob and due to my close to textbook understanding without too much technical analysis I would arguably say that what is happening right now is too easy to spot. Therefore, a lot of people believe this will crash hard and this is why I believe a technical breakout above 3000 is possible as the last push due to its psychological value to squeeze shorts. If that happens, I don't think it will surpass 3100 and an ATH in the near future should be outright impossible. If it goes higher just sell it and have your stop loss close to the ATH. I can't even think of a conceptually, riskless trade in this environment. Please correct me if any of this is wrong. Almost graduating, would be nice for this to play out. If not, well lesson learned. WATCH CONFIRMATION
OANDA:SPX500USDShort
by Slickxbt
2
XLE - weekly charts - mild consolidation before further failureLet us again look out on how XLE is shaping up (previous analysis attached for your reference) Price moving just as expected, as evident in the charts, we had support on $ 53.36 levels , which was 24th Dec 2019 low. Price closed at about this level over the last few weeks but during the week, this level was breached. Minor cycle low formed 27th Jan 2020, 2 weeks later than we expected. As we move ahead, the next minor cycle and the major cycle will be moving upwards and the intermediate cycle will start to curve downwards. Following Hurst's principle of summation, we could expect the price to try and move higher over the next weeks. So far price has been making lower highs and much lower lows, indicating downtrend. Expect a failure on any attempt tp move upwards and intermediate cycle bottom around end of March 2020. Larger trouble remains ahead near Aug 2020 end as we would be seeing a bottom of all 3 cycles together. Keep an eye on how these charts develop to maximize opportunities of gain. If you like what you see, share a thumbs up and follow for more updates Cheers
AMEX:XLEShort
by LoveForCharts
USDJPY IS ALREADY GOING DOWN. GO SHORT!Since the beginning of the month of December USDJPY was at a high price then it drop to a strong support level and retested the resistance level. Today the pair is in a trend chanel and I expect it to maybe retest the resistance and go back down to the chanel support and if the bears are strong enough it could go back down to where it tested in the beginning of the month. Trade safe this is not a certainty but what I will be doing this week.
Short
by PhilipeHalle