Bye guys, I'm off now. Here two last charts: first chart shows SPX at DMA 144, which many traders consider important support/resistance. But I'm looking at the red ellipse on the second chart, where SPX's exit (low or high) will indicate what's going to happen next:
critical here, hard to call, either an Ascending Triangle in the forming which is very bullish or the market is topped here. Need see the following few bars.
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Cyclical turn coming at 14:45 EST. The last turn failed so we're in trending mode. At least one more cycle could theoretically fail but the one after that likely will not fail.
Bulls are trying something but I am not very impressed. Resistance levels at 1,293 and 1,296 on 60 minutes chart, 1,298and 1,305 on daily chart. DMI continues to be negative on every time frame
head fake then L3, but still need see more bars...
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USO is ripe for a down trip, but it did not make the decisive step under the ascending wedge.
Optimal scenario for shorting it, for a swing, would be: the kiss of the bisector for a ”truncated e”, followed by an accelerated drop.
bears need a lower low to seal the deal. so far still hard to say.
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hopefully the breakout this time could be strong. still hard to call until either the breakout or a faked one.
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finally, a breakout, tinted area as the text book target. let's see if the breakout gets a follow through.
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