P3 is ongoing my friends, that's what I see of this movement...
Remember this chart I posted 3 weeks ago? I said after the break of the wedge line we needed to retest it and then kiss goodbye.
I though we'd retest it in a more faster manner, but what the index actually did was this:
It went up and up bumping up every time against the resistance, trying to regain the wedge area...it failed and to me is a kiss death goodbye. Sayonara bulls.
P3 is ongoing folks, as I see it... of course I'll look like a damn fool if I happen to be wrong, which may well happen.
Just pity the fool:
On similar fashion, the USD has broken it's long term trendline... it looks I picked the right night, the other day on USD since that so far was the day of the low... The trendline was also retested and reacted positively, so it all looks good for a trend reversal...
On a short term basis, and regarding S&P, we're now oversold, and we have a few important news coming up for the next 2 days, so volatility should come knocking. A bounce reaction to those news may happen and they would actually help to clear some of the oversoldness... And the structure calls for a bounce as well...
See the following graph:
P3 ongoing...
P3 is ongoing my friends, that's what I see of this movement...
Remember this chart I posted 3 weeks ago? I said after the break of the wedge line we needed to retest it and then kiss goodbye.
I though we'd retest it in a more faster manner, but what the index actually did was this:
It went up and up bumping up every time against the resistance, trying to regain the wedge area...it failed and to me is a kiss death goodbye. Sayonara bulls.
P3 is ongoing folks, as I see it... of course I'll look like a damn fool if I happen to be wrong, which may well happen.
Just pity the fool:
On similar fashion, the USD has broken it's long term trendline... it looks I picked the right night, the other day on USD since that so far was the day of the low... The trendline was also retested and reacted positively, so it all looks good for a trend reversal...
On a short term basis, and regarding S&P, we're now oversold, and we have a few important news coming up for the next 2 days, so volatility should come knocking. A bounce reaction to those news may happen and they would actually help to clear some of the oversoldness... And the structure calls for a bounce as well...
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