From
It is what it is department", Fearful market, weak momentum, nothing good to say but
The Fed!, as an individual trader it is time to put a big man's pants and a helmet on. Key focus
Price action. Currently on a daily time frame setup, we are in a bullish consolidation phase, during a consolidation phase, it is the toughest time to trade or position for a trade, bulls/Bears will have to face the same uncertainty especially at the $VIX level that we have now.
Short term momentum is bearish overall.
Price action, A consolidation range Hi/Lo are clear here. the Elliott wave guys will sure look for wave 3 down if we have LL, but look back at month of May's price action, a LL trade but only to rebound quickly and take out the new HH. for that reason I am going into next week with an open mind that things can change on a dime. for now it is pointing south, for this time frame I will need to see a solid reversal candle at the least, a new HH on a daily will be a plus, since we are not there yet I will have to eye on the range low as target, if you are already have a bearish position I would just kick back and see the reaction at the range low.
Short term swing setup, the trend is down, rip will be sold, as long as we are trading under 5 DMA, sell is the command of the day. trade well. Peace!
My comments are for entertainment/educational purpose only. NOT a trade advice.