Es yesterday's high1856.75 stopped the 2nd drop this morning be interesting to see if it does it a second time. Small Caps seem to think the bear should resume. They broke after congestion at yesterdays high.
Al_Dente wrote:AD bull bias (top panel)
A few red ticks lead bears to thinking that a neckline break is immanent Bulls must hold that neckline (yes, it is drawn sloppy), else boom....
My intermediate indicators are positioning for a buy, but I may take a small short on a break of the trend you cite. I'm thinking we need one more capitualation day down to say 1802, with a more durable bullish turn in a few days. Just guessing, my timing models suggest that. In a bull market I think we would be about to scream higher here.
Note the larger context, the big H&S on the hourly. We have been struggling with backtesting that neckline all day (cyan dashed line=neck)
Looks like a breakdown there is also immanent...................
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Al_Dente wrote:AD bull bias (top panel)
A few red ticks lead bears to thinking that a neckline break is immanent Bulls must hold that neckline (yes, it is drawn sloppy), else boom....
My intermediate indicators are positioning for a buy, but I may take a small short on a break of the trend you cite. I'm thinking we need one more capitualation day down to say 1802, with a more durable bullish turn in a few days. Just guessing, my timing models suggest that. In a bull market I think we would be about to scream higher here.
Note the larger context, the big H&S on the hourly. We have been struggling with backtesting that neckline all day (cyan dashed line=neck)
Looks like a breakdown there is also immanent...................
210sixty.png.png
Looking at the down channel on your chart, I'm working off the premise that we hit the top of a wave 4 today, with a wave 5 down from the 2/1 Hi (of 5 from Dec. Hi) now ensuing. Best guess. If it was 3 waves down from 2/1, we could bottom here and go up for awhile. Just chipping at the moment.
Swing to Intermediate SPX Analysis - multiple time frame - Daily & 60 min time and price cycle analysis.
Usually trade SSO / SDS
rhight wrote:Looking at the down channel on your chart, I'm working off the premise that we hit the top of a wave 4 today, with a wave 5 down from the 2/1 Hi (of 5 from Dec. Hi) now ensuing. Best guess. If it was 3 waves down from 2/1, we could bottom here and go up for awhile. Just chipping at the moment.
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
SPX last hour another inverted hammer… VIX tags support.. SPX 5m neckline/triangle retest.. or the triangle just expanded a tad.. still have gap material for tomorrow