The 8 MA stabbed down through the 34 MA signaling bearish markets ahead, however, we have seen this story many times before. Typically, a cross occurs and that direction runs a few days time or more, then a move back will occur. Lately, it is a crazy frenzy of bear-bull-bear-bull-bear-bull-bear, seven flip-flops in only nine days, ridiculous action. The red lines show the rising wedge and negative divergence creating the smack down. The indicators point to lower numbers ahead after a dead-cat bounce may occur. Markets typically do not bottom on a Wednesday so lower numbers would be anticipated for tomorrow even if only to identify a low for a day or two.
The blue lines show the H&S pattern in play now; head at 1531, a skinny right shoulder today, two left shoulders from previous days, neckline at 1514, so 1497 is targeted. The 1510 level is where the 20-day MA is at so a critical test may occur there tomorrow. The 1505 is very strong support. The 1498 level is the 200 EMA on the 1-hour chart which would signal serious market trouble if it fails. Thus, S/R is 1514-1515, 1511, 1510.06 (20-day MA), 1509, 1505, 1503, 1500, 1498.16 (200 EMA on 1-hour), and 1497 (H&S target). This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
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