Well not certain that we reach it but according to D-levels this is the best possible short scenario in this market.
The Confluence area is very strong and the XOP is a excellent place to hide a Stop behind as it almost never gets broken on first touch and you could easy exit at Break even should we touch XOP and move back to 43.5
Further we would touch the old Low to the left and what you cannot see here is that the True DiNapoli weekly overbought is exactly at the same spot as the K level ... Oh and we would also hit 25x5 MA
My bet would be that this area is quickly touched tommorrow during Draghi speech, as I expect stocks to fall after that and Euro to rise... (Yeah I like to be on the other side of bank suggestions and public opinion) ;)
The Confluence area is very strong and the XOP is a excellent place to hide a Stop behind as it almost never gets broken on first touch and you could easy exit at Break even should we touch XOP and move back to 43.5
Further we would touch the old Low to the left and what you cannot see here is that the True DiNapoli weekly overbought is exactly at the same spot as the K level ... Oh and we would also hit 25x5 MA
My bet would be that this area is quickly touched tommorrow during Draghi speech, as I expect stocks to fall after that and Euro to rise... (Yeah I like to be on the other side of bank suggestions and public opinion) ;)