What a day today was for both the Bears and the Bulls. For bears we reached the bottom of a bullish trendline on the daily. Profits should have been taken today. Bulls have a chance at filling in the gap at around 4401 ish area.
1) We closed with a kinda spinning top candle off the trendline on daily.
2) We have a bullish engulfing candle on the 2hr.
3) Both the MACD and STOCH in larger TF charts have changed bullish.
4) We have reached a area predicted based on H&S on both daily and 4hr.
5) We are over sold on SPX.
Time has run out on the clock for bears at the moment and bulls have a chance at running with the ball up to 4400 area.
Don't get all confused and start thinking the market should be doing this and that based on this and that. STOP IT! You have a crystal ball of sorts, it's called your charts in multi TF's . Simple , charts don't lie people just mis read them based on this and that. Have your S & R area's marked out from the bigger TF charts and watch the price dance around those areas. That being said lets see if we get to 4416.7 area to fill in the gap. So far that is the area of focus, if for some reason bears do a tackle on the bulls prior to that area then I would assume they have 4201.5 area on the radar.
We watch carefully and be ready at all times with your finger on the trigger ready to exit the long trade as the market has yet to prove it has truly finished giving up the ball to the bears. More on this later as she unfolds.
1) We closed with a kinda spinning top candle off the trendline on daily.
2) We have a bullish engulfing candle on the 2hr.
3) Both the MACD and STOCH in larger TF charts have changed bullish.
4) We have reached a area predicted based on H&S on both daily and 4hr.
5) We are over sold on SPX.
Time has run out on the clock for bears at the moment and bulls have a chance at running with the ball up to 4400 area.
Don't get all confused and start thinking the market should be doing this and that based on this and that. STOP IT! You have a crystal ball of sorts, it's called your charts in multi TF's . Simple , charts don't lie people just mis read them based on this and that. Have your S & R area's marked out from the bigger TF charts and watch the price dance around those areas. That being said lets see if we get to 4416.7 area to fill in the gap. So far that is the area of focus, if for some reason bears do a tackle on the bulls prior to that area then I would assume they have 4201.5 area on the radar.
We watch carefully and be ready at all times with your finger on the trigger ready to exit the long trade as the market has yet to prove it has truly finished giving up the ball to the bears. More on this later as she unfolds.
Comment:
Looks like that might be as high as they go, part fill is still a fill in this world of trading. Price doesn't have to do a complete fill to consider it a fill.
Longs should be closed. Lot's of room for downward spiral to occur from here.
Longs should be closed. Lot's of room for downward spiral to occur from here.
There looks to be enough accumulation on the 4hr from the bulls to get this done WW3 or not it's getting done. I think it will be when no one is looking or expecting it. Another words they will spike it up in a flash.
Where they go after that will be a wait and see according to chart formation on 2hr and 4hr. Be patient and let the market do it's thing.