tbuckle

tbuckle

A thousand scenarios could unfold with price action. But if were to guess (which is exactly what I am doing (from experience), ES/SPY will take the longest and most torturous and yet most powerful route to form a bottom and pave the way for the big yearly move up...forming a W pattern. (no good old genius George has nothing to do with it). None the less the W...

tbuckle

Alternative and more likely scenario to previous ES/SPY bottoming ideas: #1 ES/SPY has been traveling in downward channel. Seems as if it has made 3 - 4 top of channel/bottom of channel trips and potentially may be missing completion of this last rotation down, which ignites the move up or may exit the channel with sideways move which would provide idea number...

tbuckle Updated 

Daily wick looks to indicate a bottom is in. This would be consistent with past bottoms. Big wick after mainly days of bearish movement. Sentiment is bearish. The tariffs are in, people are scared, the bulls have unwound. Retails is bloodied. Now big money comes in and buys low and squeezes the bears who think it will just keep falling. Remember T.I.N.A. too!

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The up and down motion is a clear precursor for a big move and while the current price action is up....but as yet with out big strong price movement up. As of yet we keep bouncing and moving up and yet not yet breaking any new big territory. A ceiling? Distribution and the load up of shorts for the big rug pull downward to fill the gap? Or consolidation and...

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Spy has room on the upside in the long term channel, but big pull pack on the weekly candle and to the bottom of the channel is expected.

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Possible oil path

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So obvious what the oil chart pattern is saying. It's the time tested clear "smile signal" for oil

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Case study in rounded tops

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Oil Trend Line

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Possibilities for oil.

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Thoughts about oil.

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Oil down trend

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Oil peaks during down trend

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Daily chart 1 year resistance

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Oil Channel Direction