Cobra's Market View

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The rebound probably will be sold.

cliff.

So far gap and no go, so.....there is some fighting on the buy side.

It's a morning hourly hollow red

The rebound seems targeting the EMA20 which is the bear's last stand for another leg down today.

ES daily.

Aiyahhh. Liquidation. Profit taking. Short Selling. Exiting the market.

Eventually bad news takes its toll on the market. What is the bad news? Just ''everyday stuff.'' That is what we have now.

Huge gap down day. Get used to it. Look for bargains.

ES 5 minutes.

Trying for a little bullish action.

Good luck with that.

It will be very hard slogging.

Re the daily chart above. So far January will be a down month.

Anything worth taking a look at for the bulls?

Sure. There is almost always something.

GLD and EC oil.

But not recommending.

GLD has been posted on here 3 times previously.

EC must have hit a gusher. It has a nicer chart but is riskier.

Looking like a relatively well defined channel for now.

Another Monday. >60% chance range day. for now the fight to hold on 6900 /ES round number is still on.

Revisiting day low since so far it looks like a range day therefore the day low could be the range low so could rebound from there to around day high.

There goes the wave count If selling continues then everyone will switch to an ending diagonal count. That would imply testing major lows from the prior recessions and an economy that is crashing. So the AI version of dot.com crash. Need a lot more selling to confirm that outcome. No one has forgotten how prior wave count Gurus ended carers by predicting major crashes that never happened.

Back in thecurrent world the edge of the value area is acting as support

The standard price action scalper's chart is showing support turning into resistance but we have two failed attempts at congestion so could be close to a bottom for now.

Better look at "congestion" and the ATR is falling. Time will tell but clearly someone is trying to bottom this move.

Overnight low for today or VPOC @ 6834 /ES

That was quick, lets do the 34ish

On another side of town, a daily trend following is entering buy the dip zone. before the sky is falling, lets see how the power that be play this one out. patience, react, and don't predict. Peace!