INTU STRUCTURE KEY LEVEL ANALYSIS| SHORT BIASINTU chart has reached a key structure zone on the daily chart. It was climbing in the uptrend since the selloff and did more than 50% retracement.
I am bearish for the following reasons:
1- high S&P500 correlation. All major stocks are now trading more or less with the market, and I am bearish on SPY on the fundamental basis.
2-The structure level is strong and pronounced. I bet the longs that were there from the bottom/that are left will start closing should the stock break the uptrend support, which I think will happen. The short sellers are already here.
And yes yes, I know, don't trade against the FED, and that is true, but the market is too high anyway.
3-the reasonable continuation of the wave behavior pattern.
That is it for now. Subscribe for updates and more analysis! Like, to help the idea get to the top and support the channel.
Wish you all luck in your trading.
