Notes on chart, but.. in short, I anticipate this to be the short term topping pattern. I would be surprised if we proceeded to the 50 ma (263ish) at this time, and instead looking at 1/10 as the top and expect a move back to the 20 ma on loss of support of the 5. IF the 20 can hold as support and start to round up, then I would be more inclined to look more...
So, its been a pretty clear down trend line on the weekly chart. For charting purposes, the RSI/MACD seem to be rounding up as well as the DTL break. At this point i'm using the 20 m.a as reference, as it did have a fail break out prior. In addition, the volume as at least increased with this attempt to break out. Lastly, if dollar keeps falling (?) it should...
So I have alerts set on the flag set up based on weekly chart with prior high break as target/support if it breaks out. Short term I'd use above the weekly 50 line as support to consolidate for breakout. I'm hesitant with the move market has had, but the set up is the set up so will wait for confirmation. Just my thoughts.
OKAY, So a flier on short set up with AMZN. Don't make things to complicated. 1200 Target by Feb. IF (big if) we somehow get good trade news that's actually legit, then might have to bail. Otherwise, let's see.
Notes for self on chart,
Notes on chart, but in short... I'm looking at the idea that if the 2/10 yield doesn't invert then a target of about 245-250ish area by Jan/Feb of 2019. If we do carry over for inversion on the 2/10 I'm looking longer term of roughly Sept. of 2020 as target for bottom of around 138-155. Just my thoughts and please let me know what think.
Just a little longer look at inverted chart, I would traditionally be looking at this as something that has bottomed out and formed base. Just my thoughts for perspective.
Long base wedge potential breakout. Based on monthly and weekly. Just my thoughts, which are posted on chart.
Notes on chart but ready for main portion on the channel break with MAC D and Volume.
Weekly flag style formation with a potential break out above moving averages. Divergence of MACD as keeping in mind.
Banks appears to have begun a break out, I'm looking to break middle BB on weekly for trigger then stop out. I like the 5ma on the weekly beginning to turn up in coordination with the could as building support. In all, Friday showed some potential signs of a pullback/consolidation (I try not to guess based on one day though), so will look for that middle BB to...
Mac D on verge of cross, while looking at it holding the daily 20 m.a, and the 5 m.a now pointing up. With a break of wedge and support of these lines, looking for positive move.
So, looking at the hourly forming a megaphone. Personally I feel like higher highs are coming, but the chart says otherwise until its broken. Will see. I suppose its bearish until it proves it.
Notes on chart for thought process and target of ABBV
Several set ups on daily chart that I'm following for break out. Notes on chart for my thought process
Notes are on chart on thought process