SPX Has Bearish Structure In The 1 Hr Chart.
Spx now showing signs of a bearish structure in the 15m and 1h charts. Too early to tell for sure market movement but I am posting a very possible path price may take into next week.
We trade what we see not what we hear! The play is short within the small megaphone pattern.
Anything pushing to the outside of this structure cancels out the position.
More on this as things play out.
Trade smart, trade with open eyes and you will see the money come.
We trade what we see not what we hear! The play is short within the small megaphone pattern.
Anything pushing to the outside of this structure cancels out the position.
More on this as things play out.
Trade smart, trade with open eyes and you will see the money come.
Comment:
No longer any bearish structure on 1hr. Expect possible chop in both directions.
No visible structure other than inverted H&S pattern on monthly. Until big money decides to exit, price will chop it's way up higher to possibly test all time highs.
Be careful and don't get overly confident. Let the charts do the talking and make the decisions for you.
No visible structure other than inverted H&S pattern on monthly. Until big money decides to exit, price will chop it's way up higher to possibly test all time highs.
Be careful and don't get overly confident. Let the charts do the talking and make the decisions for you.
Comment:
Big red candle on any chart today! Safe to say the market is doing it's sell thing.
4hr has formed the head today and we have yet to see a right shoulder get constructed. As this get's built one can expect chop starting tomorrow.
Seasonally Aug is a sideways to downward month so, a H&S pattern during this time seems like perfect timing. More on this as it plays out.
Extreme caution with any trades during this time if market stops it's selling off tomorrow as chop has to happen as large funds liquidate. Proof of that happening would be a H&S pattern followed by the neckline break and retest. More on this later. Peace out for now.
4hr has formed the head today and we have yet to see a right shoulder get constructed. As this get's built one can expect chop starting tomorrow.
Seasonally Aug is a sideways to downward month so, a H&S pattern during this time seems like perfect timing. More on this as it plays out.
Extreme caution with any trades during this time if market stops it's selling off tomorrow as chop has to happen as large funds liquidate. Proof of that happening would be a H&S pattern followed by the neckline break and retest. More on this later. Peace out for now.
Comment:
4hr chart has a right and left shoulder formation with angled neckline , not a perfect H&S but a structure of sorts. Neckline has been broken.
Lot's of possible targets on this one because a topping island formation also exits.
First target 4443.64 is a start. As this market sells off we will see how momentum plays out and if 4366 area gets tested. More on this as it plays out.
Everyone seems to be confused for some reason on what's happening so please watch and trust your charts and don't get swayed into the wrong direction. Of coarse the market is like the wind and can change day by day but in the longer run big money is in the driver's seat and they will not drive smoothly, instead drive you right off a cliff.
Trade safe with smart analysis, don't get caught up in trade paralysis.
Lot's of possible targets on this one because a topping island formation also exits.
First target 4443.64 is a start. As this market sells off we will see how momentum plays out and if 4366 area gets tested. More on this as it plays out.
Everyone seems to be confused for some reason on what's happening so please watch and trust your charts and don't get swayed into the wrong direction. Of coarse the market is like the wind and can change day by day but in the longer run big money is in the driver's seat and they will not drive smoothly, instead drive you right off a cliff.
Trade safe with smart analysis, don't get caught up in trade paralysis.
You can take some $$$ off the table if you want as first part of target area is touched. 25-50% can be cashed out according to your risk tolerance.
More downside is still possible deeper into the target area but staying nimble is advised as anything can happen as the H&S pattern has yet to be fully formed on 4hr.
Careful as she goes.