Cobra's Market View

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Still could be a rounding top.

Swing buy entry that triggered yesterday was a failed. rip will be sold.

open inside day, lower end, new swing low will be very bearish, 2x bottom will be a mess for day trade.

It's a morning hourly hollow red

Revisit the day low again, watch for possible double bottom as so far looks like a range day (FOMC tomorrow, remember?).

Common resistance area with new swing low intraday, the Fed can help or speed up the deterioration.

Swing setup: wait, rip will be sold. Intraday: new swing low, it is bearish bias. Internals: bearish bias. be careful out there. peace!

The general bottom pattern in our current case.

Bonus chart: will the Fed provide optimism to the next hourly green bar before new LL? we will find out tomorrow. EIS bar assist trade reminder. I think the bottom is in for intraday today, if I have to guess. agree with cobra chop chop end of of day. Peace!

Nothing to add to what has already been said. Market has to be concerned about a rug pull by the Fed. Yellen is voicing concern (which is a new move) so my guess is Powell has no choice, he must try to jaw bone about controlling inflation because he is doing nothing to stop it with monetary tools.

So far went as expected. The current drop shouldn't make a decisive new low otherwise the whole pattern will have to restart from the start.

Well, guess that's it for today. Here's what Wednesday tomorrow looks like: https://stockcharts.com/public/1684859/ ... /533449381

Thank you guys, I'll see you in another thread soon.

Before the close, please take a little time to vote for me, thanks: https://stockcharts.com/public/1684859/ ... /533449381

Very low volume sell off. Good news and a bit of a short squeeze and up she goes!