I believe the market is turning bullish for the short term hitting a 61.8 or 78.6 or 100% retracement. The reason I have already entered the market is because the daily CRSI has already turned. (I use the CRSI as opposed to the RSI as I find it a little more sensitive to chart action) In addition, the 4 hour, 3 hour and 2 hour indicators look bullish so I have decided to enter.
The indicators on the weekly chart are starting to look bearish, so I do not think this will be a big move up. As well, I think we have a Head and Shoulders Pattern presenting so it will end up going lower in a few days or week. (I have labeled the H & S pattern on this chart.) I am projecting it will start to go down around Jan 27th based on the distance between the Head and previous left Shoulder.
I will exit this trade when I see the 2,3,and 4 hour indicators are ALL beginning to look bearish.
Please ignore the Orange line (50 SMA) and the black thin line (200 SMA) as I am just learning more about this right now.
I may post a 2 hour, 3 hour and 4 hour chart showing what I saw to make me enter a bullish trade, but I am not too good at adding charts.
The indicators on the weekly chart are starting to look bearish, so I do not think this will be a big move up. As well, I think we have a Head and Shoulders Pattern presenting so it will end up going lower in a few days or week. (I have labeled the H & S pattern on this chart.) I am projecting it will start to go down around Jan 27th based on the distance between the Head and previous left Shoulder.
I will exit this trade when I see the 2,3,and 4 hour indicators are ALL beginning to look bearish.
Please ignore the Orange line (50 SMA) and the black thin line (200 SMA) as I am just learning more about this right now.
I may post a 2 hour, 3 hour and 4 hour chart showing what I saw to make me enter a bullish trade, but I am not too good at adding charts.
Order cancelled:
I am going to close/cancel this trade as I don't think this will happen due to some weekly indicators, etc. I learned something new at a seminar last week, and I will repost my thoughts on the SPY later today/tonite.