The correction overnight created a channel (screenshot below) which needs to breakdown for more confidence in this idea. We could still get to 2510-20 area before that happens.
The hourly structure now looks like a bearflag, which should reach a target of around 2250. Some may also see a weak head and shoulders formation. Either way, I think we'll sell off with a little zig and zag here and there into Friday's close.
Considering the price action overnight, I do expect we'll retest and possibly break the lows from March 22 -most likely next week.
Good Luck!
The hourly structure now looks like a bearflag, which should reach a target of around 2250. Some may also see a weak head and shoulders formation. Either way, I think we'll sell off with a little zig and zag here and there into Friday's close.
Considering the price action overnight, I do expect we'll retest and possibly break the lows from March 22 -most likely next week.
Good Luck!
코멘트:
코멘트:
channel starting to break before the jobs numbers. Be careful of whipsaw movements
코멘트:
Jobless claims - 6.6 million claims vs. 3.1 expected.
코멘트:
channel broke down after a small retest/whipsaw move
코멘트:
Economists surveyed by Dow Jones estimated 3.1 million, a week after 3.3 million filings in the first wave of what has been a record-shattering swelling of the jobless ranks. The previous week’s total was revised higher by 24,000.
코멘트:
코멘트:
Head and shoulders a little clearer. I expect the Blue line (neckline) will be tested this morning - about 2445-50, maybe higher.
코멘트:
much higher open than expected, it could have been a bear trap. lower low would confirm the downtrend.
코멘트:
Hourly bull divergence, this may be playing out today
코멘트:
Last updated idea looks like it's playing out. THIS is why it's so hard to trade news. The hourly bull divergence seems to be the key here, also we didn't get high enough of a retrace - even less that .382. That was suspicious
코멘트:
Previous channel from this morning has contained the bulls, If we get over it, I'm expecting 2550+ and then failure
코멘트:
코멘트:
waiting for this. I may long over the channel, or just wait to short. The less trades, the less I make mistakes :)
코멘트:
This channel has been important to the price - it's possible we see something like this into tomorrow as an alternative.
코멘트:
And then it could be a triangle as well - best to wait and see which way it breaks
코멘트:
trendline clearer on SPY
코멘트:
Trendline may hold here, wait for a nice green candle - also a SPY bounce to .618 would seem logical since that's the gap. Maybe we rally the rest of the day and then tomorrow/overnight - sell it
코멘트:
Long wicks indicate buyers in this area, we'll see if it can hold
코멘트:
Looking good right now
코멘트:
2500 held, took a half position long
코멘트:
As long as futures are inside or above this channel, it's bullish
코멘트:
As of now we are below the channel and haven't recovered it. I thought for sure we would be going higher than this, but It's possible that this is only wave 4 and the 5th wave down is to come.
코멘트:
Possible double correction with a double top at the .382 fib. I'm not saying "it is this" I'm saying - it's possible. Not even sure if the labeling is correct as my EW is still intermediate level at best. Either way, recovering the channel is imperative for the bulls to continue up.
코멘트:
right now, I see two possibilities today - we reverse from the red channel line and make a deeper retrace to 2555 area - or - we break below the red channel line, retest it and fail.
코멘트:
Could have been a stop run, still waiting.
