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Small falling wedge so might be a rebound upon open then we'll see, I think bias is down though.
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. To turn bullish short term i think think they have to push it above the 4850 level. Then at least the 4000, 4040, or 4160 could still be alive ( the next two days will tell the story) Everything is working for the bulls so the ball is in their court. I remain decidedly bearish overall!
1) gap down over a previous gap - again! Don’t expect that not to fill either so at least that upside is eventually guaranteed just as 397 on SPY is guaranteed
2) If bears can trend today I assume we go right to the lows at 3,650, maybe get a double bottom but that isn’t a sure thing
Last edited by cletus on Thu Jun 30, 2022 9:49 am, edited 1 time in total.
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This visual shows all the recent "gap over gaps" where the market gapped over a previously unfilled gap. The very low one only is on stockcharts and doesn't appear on my charting platform as a gap over gap, and that might have to do with opex and ex-dividend or something, but I am not sure it is actually a true gap over gap. It's included, anyway. All of these double gaps will fill. It's anyone's guess as to the order.
A larger H&S bottom could materialize here still on this pattern. The alternative bullish scenario would be a double bottom that moves straight to the double bottom price target. Note: The market's pattern lately has to been to sell off ahead of Fed meetings and rally after, so perhaps no launch until the next Fed rate hike.
cletus wrote:A larger H&S bottom could materialize here still on this pattern. The alternative bullish scenario would be a double bottom that moves straight to the double bottom price target. Note: The market's pattern lately has to been to sell off ahead of Fed meetings and rally after, so perhaps no launch until the next Fed rate hike.
Nope this is not H&S bottom The minimum target right now is bellow 3600 , could be much worse
It's the bear's last chance here to make another leg down. Probably it's just a range day.
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