Two sides to every coin and two sides to every trader's opinion and position. Are you on the right side? Depends on your time frame. If you want to look into the future the only crystal ball a trader has is the bigger TF charts. What can you see on a monthly of SPX? I will tell you what I see. I see a inverted head and shoulders pattern and that usually means ,up up and away! That puts us into the green area I placed on the chart. The latter of the upside is the bear argument bringing us down to the red shaded area. Don't forget price doesn't just go in a straight line up or down so be careful in your trades as we chop our way to the destination the market wants to go.
Trade active:
We are approaching the 4550 area on the monthly chart which I pointed out back in April. Turning point is very near and a close watch is advised.
I think when this market decides to sell off it will do so very quickly and steeply.
Trade safe and don't hesitate to take some profits. You can take 50% off the table then wait for more upside if there is any and trickle out 25% at the next resistance then another 25% at next resistance or support failure. Trade it the best way you know how and enjoy the money the market gives you.
I think when this market decides to sell off it will do so very quickly and steeply.
Trade safe and don't hesitate to take some profits. You can take 50% off the table then wait for more upside if there is any and trickle out 25% at the next resistance then another 25% at next resistance or support failure. Trade it the best way you know how and enjoy the money the market gives you.
Based on price action and various other indicators we could be at or nearing a turn in direction. Profits should begin to move into the collection pot or pockets and a careful eye on the 4hr and daily charts should be your best market gauge at this time for another clue as to what mother market has in store.
I will post more on this as I see another pattern play out .
Be very cautious at this time as this area we are in could be where the trick games begin.
If this is where big money decide to sell we should see a distribution pattern form very soon.
Best of luck to all you traders, trade smart, trade safe, pocket money.
Cheers!