Mr. B is ready for the long weekend. For a short week, it has felt long.
The NYMO cycle may be turning here.
It has been up and has held above the zero line all week in spite of weak price action.
This morning, it is below the zero line, and a close below zero says the cycle is down.
As price is bouncing a bit here, kinda need to wait for the close before making judgements.
There may be some morning selling before the long weekend that could abate by the end of the day.
Price has been declining this week, but has been finding support at the middle keltner band.
Multiple middle keltner tags fits with prior breaks from above the upper keltner.
I am pondering a possible expanding formation (blue orange lines) as algos chop and run stops about a meridian. (Think difficult trading environment)
I am also pondering a descending wedge posted earlier. The possible wedge target would suggest a high above the current April high but not necessarily another ATH. Hmmm...
There are also two small gaps a little above that would be good to close.
Something to think about, but there are plenty of other paths including bear paths.
Breakdown would bring the red target stack into play.
I am a little long here. Noted earlier.
No conviction though. If the NYMO cycle flips to down, so would my orientation.
Heading to some vacation next week. So, it will probably be a big week...
No post, small positions and hard stops for me whatever may happen.