Cobra's Market View

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Descending triangle? So bias is down?

Tried to regain Friday VPOC but clearly was just a chance for traders to reload short positions.

How bad is it? Guess that depends on if we make a lower low. At this time it is looking like we did have a truncated 5th wave and have moved into a large ABC down.But what else can you expect as the Tech stocks said they will go into debt to invest in AI just as it turns from gold to straw.

6775 seems to be an important level on the daily. It appears we are going to test it this week.

Very strong rebound, maybe the low was in for today.

Friday's high volume node is going to tell us soon if it is still resistance.

Pennant for now which usually means continuation so bias is up.

It's a measured move up, pink area is the 100% text book target which seems testing the last trading day high is possible.

Generally the pullback should be bought, the only problem is the close is near, so not sure now.

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