no confidence on the 4th call, the pullback is just too weak, but we'll see, if indeed a strong pullback here, it should be at least 2 legged.
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well, so much for the 4th call, I give up, bulls are strong, I see bigger ascending triangle here and I don't think the resistance shown on the chart would hold.
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If this sharp pull back from an "unbelievable" not-stop, eight-day bullish run is the w4, I think it would take more than one day to finish. More like a week or so of consolidation is expected here.
Come on Plunge Protection Team, if we don't close above the 60 min 20ma at 1344, then I will have lost all faith in your ability to jack this thing around.
Swing to Intermediate SPX Analysis - multiple time frame - Daily & 60 min time and price cycle analysis.
Usually trade SSO / SDS
Cobra wrote:well, so much for the 4th call, I give up, bulls are strong, I see bigger ascending triangle here and I don't think the resistance shown on the chart would hold.
That's a beautiful bear flag you've got showing there, though, Cobra. Consolidation is likely here, before further down, I think on Monday. Italian bonds will be the likely "event".
Good weekend all.
A
breakout as I said. bears are pretty much over for today.
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I think they will suck in some more bulls before close - as they think its a "great close" for bulls - I think its setting up for more downside next week.
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Agree we might have a possible gap up on monday - but I dont think we will see new highs - possible backtest the broken rising wedge trendline.... who knows
well, guess that's it for today, doesn't feel bearish, but my crystal ball refuses to work now, so no idea what's the next, thank you guys, I'll see you the next Monday. Enjoy your weekend!
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Sqwii wrote:Agree we might have a possible gap up on monday - but I dont think we will see new highs - possible backtest the broken rising wedge trendline.... who knows
“Sqwii”: there are major interests at stake right now…and there are powerful people who do not let this market drop.
This is beyond the usual ‘market engineering’ for a few bucks…I am trying not to forget that.