No V Shape Recovery Coming - I'll Give it Til Friday
I don't believe this is going to be a V shape recovery like we say in December of 2018. I will give it until the end of Friday. At most Monday before we break out of the rising wedge and sh*t hits the fan if not earlier.
The 4hr is still on a very healthy uptrend, so this doesn't mean we can't go higher in the short term here. There is a lot of confluence in the 280 - 285 level, in addition to the weekly EMA resistance being right above us which leave me to believe we may be very near the top. Especially if the 4hr doesn't break up higher soon, that would be a big red flag.
Furthermore, earnings are coming up and in all likelihood they are going to be ugly and will dominate the news cycle driving prices down.
The 4hr is still on a very healthy uptrend, so this doesn't mean we can't go higher in the short term here. There is a lot of confluence in the 280 - 285 level, in addition to the weekly EMA resistance being right above us which leave me to believe we may be very near the top. Especially if the 4hr doesn't break up higher soon, that would be a big red flag.
Furthermore, earnings are coming up and in all likelihood they are going to be ugly and will dominate the news cycle driving prices down.
Trade closed: stop reached:
Close trade. Pattern didnt play out.