Pennywick

Pennywick

RTY set the Higher Low after a break and cross of the 15 min8 EMA and MBB.

Pennywick

Price back-tested the break .236 and currently resides in the upper half of a Broadening Wedge.

Pennywick

Equities and BTC found their short-term relief rallies. BTC has a broadening range beginning to shape-up.

Pennywick

ES finding current res at the 15 min 8 EMA. The H&S confirmed to the square-root of Phi: the golden mean.

Pennywick

The Pattern Break .382 offered very little immediate support with 4 hour wicks are price has breached this level. The next support is the .786 of the channel below with the midline of the channel break underneath. Currently a falling knife, the short term reversal bounces are only bounces until an 8 hour trend change.

Pennywick

Key Spot - watching for a reaction at the lower Bear Flag Boundary after the break. A Lower Low, on the 4h would have the Pattern Break .382 below in play.

Pennywick

Price found short term support at the boundary with a wick.

Pennywick

Price found support off of the Head and Shoulders Break Target 35% level, producing a bounce back-test into the Bear Flag construct. Resistance is found with three wicks at the .214-.35 channel's Golden Pocket .618. A small frame iH&S broke bull overnight. Bears in control until a short frame bull pattern sees a break and extension move.

Pennywick

The massive Head and Shoulders pattern is moving through the confirmation process in a manner consistent with patterns on smaller frames. The January 12th back-test of the neckline has resulted in a continuation of the downside move to the Pattern Break Target 35% level, identified and posted on Jan 7th (related item linked below). From here the next pattern is on...

Pennywick

Support was found in the morning at the break GP. Resistance at the .35. Now watching for the end of day fireworks or fizzle. Current res at the 15 min 8 EMA.

Pennywick

Support was found at the midway point as a bear flag has formed after the liquidation. A loss of the ..5 has the Golden Pocket below. Trying to predict Opex is challenging as the number of factors under the waterline on each stock is impossible to know, the balances and imbalances in Institutional positions will determine the moves, price action is the key today....

Pennywick

Some work to do for confirmation, the pattern has the triangle Adam formed with a Lower High as the rounded bottom Eve potential. Summer 2021 saw a confirmed A&E as BTC moved up through the ATH run.

Pennywick

Resistance is found at the 2h 8 EMA on ES1!, NQ1!, and RTY1!. Support was indicated at the Pattern Break 21.4% level. (.214 is the inverse .786, the square root of phi.) Tech Falling Wedges are top watch.

Pennywick

15 min LBB test as the key spot approaches. Backtested upper neckline during the AM session.

Pennywick

The second H&S backted it's neckline with resistance at the 2h MBB. The Bear-Flag confirmed, dips have been scooped up over the last few days, as a series of Lower Highs has dominated the trend.

Pennywick

BTC is showing 4 hr mixed signals, currently in a larger timeframe bearish flag pattern, price is compressing into Equilibrium without a clear trend. The Daily H&S back-tested neckline remains a key point of control.

Pennywick

Set a 43.8K Lower High, entering an Equilibrium under the neckline of the Weekly H&S. Bit of Bear Flag look on the Daily.

Pennywick

Looking back and zooming out the memories of the Sept H&S confirmation are conjured. Bear moves = support bounces fueled by covering celebrations and BTD.