I don't know how price action will play out over the next few weeks any better than the next guy, but if this scenario happens; where we bottom and then run all the way back up, that's a very bearish scenario. Price would fill the gap, and also meet previous support turned new resistance. A divergence should also form if we get to that point.
Key Takeaway: Prior Short Term Support trend line, may come into play down the road, only as resistance this time.
Also, personal plea: Can we stop posting charts about Bitcoin/Ethereum? It's the only chart that's posted these days and there's little to no diversity in analysis/thinking anymore as a result of it. I used to look at new updated ideas on different sectors and commodities and whatnot, but now there's only 2 or 3 different tickers and 50 new posts for each. It's boring and getting old.
Key Takeaway: Prior Short Term Support trend line, may come into play down the road, only as resistance this time.
Also, personal plea: Can we stop posting charts about Bitcoin/Ethereum? It's the only chart that's posted these days and there's little to no diversity in analysis/thinking anymore as a result of it. I used to look at new updated ideas on different sectors and commodities and whatnot, but now there's only 2 or 3 different tickers and 50 new posts for each. It's boring and getting old.
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My 2nd path prediction playing out better. Was a private post though.
My 2nd path prediction playing out better. Was a private post though.
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Getting close
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Support is now resistance, If you click on the 2nd path prediction posted in the "updated idea" section, it'll take you to my alternate prediction from Sunday. 2nd image isn't just a screenshot/picture, it's a link that takes you to a separate chart.
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Following this path to a tee. Click on the image, press play.
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www.tradingview.com/...ediate-Term-Pattern/
I'm now pivoting to try to identify the range we're in. The predicted path from this post two weeks ago is starting to drift. I'm putting this alternate pattern forward in this link. Please click on the link and look for updates going forward on that post. Thanks for the 4 or 5 of you following along haha!
I'm now pivoting to try to identify the range we're in. The predicted path from this post two weeks ago is starting to drift. I'm putting this alternate pattern forward in this link. Please click on the link and look for updates going forward on that post. Thanks for the 4 or 5 of you following along haha!
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SPY about to drop. Currently $278.50. Just wanted to toss that out there.
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Yesterday proved to be yet another sharply positive day, and completed the best consecutive back to back days of gains since 2016. After erasing more than 10% over nine trading days in SPX, we’ve managed to recoup over 35% of this now in just nine trading hours.
At current levels, given that momentum remains negatively sloped and SPX has climbed 120 points just since Friday’s lows, it looks like a poor risk/reward to contemplate initiating new buys here, and one might hold off for pullbacks before thinking this decline from late January has run its course. Market breadth came in below 3/1 positive, but 7 of 11 sectors finished with gains above 1%, with Technology and Materials showing particular outperformance. Overall, while 2450-2550 looked to be a good area of downside support, it’s tough to make the case for SPX moving straight back to highs, and some backing and filling is likely over the next 1-2 weeks before a more meaningful bottom can be carved out.