Cobra's Market View

I think we see top of today, this is common chart pattern. dips will be bought short term. will see one more dip to buy before the lady shows up today on intraday.

Initial sell down at open with the clockwork RED SPIKE BOP which almost always follows a down volume spike. (It is so predictable.) Then loads of large lot buying. Another sell down attempt in BOP but buying was present and large lots kept buying.

Any time we have LL, the bounce there after I will see it as a dead cat bounce. last time we got 6% from absolute low 2 days dead cat bounce, today alone we got over 5%. "Only in America only in America" Don King.

The pullback probably will be bought again.

Last buy setup, failed here is no no. this could turn to be negative price action at the close.

Point of interest (maybe)...NOTE the data points represented in the light blue line. My conjecture was simply that on the way up on the weekly chart (2020), I noted that these data points were hit repeatedly BUT, there was no close in this data range. So, I figured if we came below it, we would march right through it again without closing here. This is a weekly chart which I have been watching for a long while.

Food for thought chart...
The box size is $14.34 simply because this was an ATR when I started the chart.
Note "9" is at the top of several columns.

New HH, buy is good, bulls earned another buy dip coupon. keep it simple.

BB52x mentioned previously the broadening pattern which is still in effect. They are hard to trade except on the short term.
I hope everyone had a great day.

Rising wedge for counter trend.

BullBear52x wrote:Rising wedge for counter trend.

Bank Earnings tomorrow. bulls need strong close here.

Wow a close below 100% fib is no good, it will read as a negative price action. not that I will short it. Negative price action on a day like today is not good. Peace!

3 push up aka rising wedge, always give bulls more credit so should be one more push up before the close. Let's see.

Well, guess that's it for today. Here's what Friday tomorrow looks like: https://stockcharts.com/public/1684859/ ... /533449397

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/ ... /533449397

The today's members only update at 10:00 AM for everyone. After decades in the market, feeling is equally important now. We call it market sense?

Cobra wrote:The today's members only update at 10:00 AM for everyone. After decades in the market, feeling is equally important now. We call it market sense?

Good gut feeling Cobra, think about all that higher PPI Wednesday and now higher CPI. a bad earning from the banks tomorrow will not bother the bulls what soever. "Only in the USA only in the USA" Haha.

BullBear52x wrote:

Cobra wrote:The today's members only update at 10:00 AM for everyone. After decades in the market, feeling is equally important now. We call it market sense?

Good gut feeling Cobra, think about all that higher PPI Wednesday and now higher CPI. a bad earning from the banks tomorrow will not bother the bulls what soever. "Only in the USA only in the USA" Haha.

I found really sometimes we need trust our "market sense", stick to technical evidences made me miss lots of trades (sometimes does save me from wrong trades though).