Chartologist

Chartologist

With a break below the parabolic channel and a bearish bat (which I accurately pointed out in a previous chart found below), the sentiment is mostly bearish now. There are now two possible scenarios I can see going forward: 1.) A head and shoulders emerging, bringing us to even lower points testing each support level drawn on the chart, with the strongest...

Chartologist Updated 

Short term price target: 13284.50 That is where wave (3) of the intermediate impulse and wave 5 of the minute impulse meet. Expect it to stay above the yellow dotted line until then. If it goes closes below the 0.5 fib level of 11968.00 (rounded down) on the 4H chart that would invalidate the current intermediate impulse wave. Pay attention to how the fib...

Chartologist Updated 

With a bearish bat ( which signals a reversal of the current bull trend ) on the daily chart and the 0.500 fib support level of 11968.00 being crushed on the 1H chart, the odds of breaking below the parabolic channel colored in orange becomes more and more likely. The only positive for now is support being found at the bottom of the channel on the 15min chart...

Chartologist

Resistance is being met at the center line of the channel (yellow dotted trend line). Watch for a bearish pennant to form. If it does, a downward breakout of that pennant would likely be followed by a break below the key 0.500 fib level support of 11968.00, invalidating the Intermediate Impulse Wave. If this happens, the only reason I could see now to remain...

Chartologist

The following advise is for day traders. While I still think my original short term target of 13284.50 has a strong case, these bearish signals are worth considering. I actually sold 15% of my long position to reduce exposure and put a sell stop order at 12587.00 for 17.5% of my remaining position.

Chartologist

If it stays in this channel, look to lower support levels of ~1200 and 1000. My previous idea's title of "Correction to 1000" looks foolish now, but i should of clarified that it depended on it staying in the descending channel, which it broke out of. It's worth noting that the investment strategy was neutral. I also identified the 1.618 fib level , which is...

Chartologist

After meeting resistance around the 1.618 fib level a descending channel pattern is starting to emerge. This channel intersects the ascending trend line, labelled "PreBreakout Trend 2", right around the $1,000 mark. 1,000 is a psychological and technical support level.