I think a bounce bounce to 4100 or more is coming as part of the larger triangle structure. RSI is quite low and the price action is choppy - like they are winding up for a move out of the channel. 4100 or more would certainly convince bulls that "all is well" and the uptrend WILL continue, but I don't think that would be the case. If anything, 4100 is an ideal short for a larger move down to 3700-3600.
Good luck!
Good luck!
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potential inverted head and shoulders bottom also pointing to 4100 target
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i think we're in a triangle because of all this chop, however triangles can be in a wave 4 as well as B, so one more low IS POSSIBLE into tomorrow or thursday. Please be careful of any breakouts here.
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to the channel boundary again, watch for breakout, if the breakout fails, we're probably going lower first.
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rejection from channel again. The channel is deciding whether we will rally or not - at this time, not. We'll have to see how the overnight looks. This channel is most visible on futures
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another rejection on futures at the channel boundary this morning. obviously, if they can get over the channel and hold above it today or tomorrow it would start the rally
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2 potential trendlines below, 3900 to me is the most important level, but 3930ish could also come into play.
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mini downtrend currently broken and retested, might be a sign I don't know yet.
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SPY showing an inverted hammer and a spinning top on the daily - maybe signs of a reversal. Tomorrow Jobs numbers will probably tell more. I still think there will be a bounce, but the weakness on every rally is concerning for bulls. Regardless, 3900 should be strong support if the market tanks tomorrow with the numbers.
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more downside overnight - more weakness. In cases like this a flush/spike down should be expected. Similar to when markets creep up. This spike may come today. I expect that we break 3900 and then bounce after capitulation.
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they are trying to break out, continuation into tomorrow and it will likely be the beginning of the B wave like I talked about in the video.
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looks good so far for bulls. Target around 4040-4050 (18 daily ma) at least if this continues. 4000 area has weekly and daily MA's so they may have some trouble in this area.
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oil - looks like a short, confirmation under 70
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bounce may continue up to 407-8ish on spy, i still think it's a B wave with a C coming starting sometime next week.
