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" It is what it is department " First reversal week on new ATH. market will continue its up or down trend until it's not. Lets see what gives?
Monday: Shooting star candle, a first bearish reversal sign before CPI data released. (leaked? it always does, but not to you or me
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Tuesday: Gaping down hard, intaday late day bought back, ended the day with a Hammer candle, a bullish reversal sign.
Wednesday: Gaped up and closed the day with a positive price action, the bullish hammer candle confirmed.
Thursday: Market moved up and filled the gap, gap resistance met with a support at 61.8% and took the day to higher closed above the gap down level.
Friday: Morning trading down below the gap level only to hit a support at 61.8% as double bottom support and took the intraday price back up to new intraday HH, the buying pressure didn't last, tanking back under gap level and settled at yet a support line of 61.8% again. is the third time a charm for bears?
overall, my rule of thumb on Fibonacci, Bullish > 61.8%, Bearish < 38.2%, no man's land in between. Monday will tell bullish support or back down in the no man's land..etc., very clear on support and resistance levels to look out to next week.
We are in a fearful market, $VIX doesn't seem to tell much for some, but I can see the bottoming structure with slowly HH and HL are clear. so...."be fearful when everyone else is greedy" the old man once said.
Swing trade setup: There were two buy setups triggered on Friday alone, first one was a success, the second one were not so much, it failed, rips will be sold on this time frame.see last failed buy on MACD bearish crossed, this could lead to an ugly slide the following day.
Intraday: Friday closed the day with a negative price action, first red Friday closed in weeks. there is wind of change, again, let the intraday fibo be the guide. same playbook, keep it simple. Peace!
My comments are for entertainment/educational purpose only. NOT a trade advice.