Todays Price Action and Thoughts for Next Week

One a sleepy Friday in July the market that was up pre-market sold off fairly significantly


So what happened?


Look at the Fibs marked with yellow arrows and you can see all part of the plan.

We arrived at the .50 Fib just before the open and ended at the 2.0 Fib (not a real fib numbers)

Currently price is inside of a triangle that will broken - it is balancing for a bigger move. That said this looks like a double bottom over a multi-day period.

For us to reach the bottom of the triangle we will get to the 2.272 Fib - most likely this will bent or even broken to clean up the VPOC at 4291

Lately the Market Movers have decided to use a fib number between two obvious levels to make a turn - looks random but its not, either a .61 or .50.

Ironically the 4300 level is the buy - but truly who knows exactly, best to wait for a a couple of 15 minute candles to confirm.

There are VPOCS at 4291 and 4229 - these may or may not be target this upcoming week. Mind your risk!

Fed hasn't turned off the spigot so no reason to become negative - and while I hate to say it, because it seems nonsensical, buy the dip. Its better deal than was on Wednesday :P