Grinding lower on support here.. This is why I have a hard time going full blown bear. I feel like you need to be nimble with the shorts and play the levels. As you can see, it is making lower lows but everytime it hits support we get nice bounce.
Friday we bounced off the
1. Daily 200sma
2.3949 fib support
3. Trendline support
4. Daily Ichimoku cloud
As far as the hourly oscillator were neutral.
Forming a wedge inside a Descending broadening wedge
Upside target is 3998-4000.
Very bullish is we can break over 4020.
Just throw your EMA and SMA moving average on your chart and look at the price action around 4020.. 4020 is a brick wall and we will need some Good economic news for a fuel to breakover that, a technical bounce will only get us to 4000.
If we break over 4020 and hold, we should move quickly to 4050.
The thing about these falling wedges is 75% of the time there is a Retest of that breakout area which means at around 4050 watch for a rug pull..
Most of this idea was based on a bullish bounce , but if we break below 3950 we are head down to 3980 fast.
Also we are riding on the lower Bollinger bands, and me personally, I don't like to short the indexes we they are outside the lower bands.
So if we gap down I may miss the short and play the retracement; It's not that I'm bullish or a permabull. I've lost lots of money chasing an oversold short so I've disciplined myself to stay away when things are outside their bbands.
Friday we bounced off the
1. Daily 200sma
2.3949 fib support
3. Trendline support
4. Daily Ichimoku cloud
As far as the hourly oscillator were neutral.
Forming a wedge inside a Descending broadening wedge
Upside target is 3998-4000.
Very bullish is we can break over 4020.
Just throw your EMA and SMA moving average on your chart and look at the price action around 4020.. 4020 is a brick wall and we will need some Good economic news for a fuel to breakover that, a technical bounce will only get us to 4000.
If we break over 4020 and hold, we should move quickly to 4050.
The thing about these falling wedges is 75% of the time there is a Retest of that breakout area which means at around 4050 watch for a rug pull..
Most of this idea was based on a bullish bounce , but if we break below 3950 we are head down to 3980 fast.
Also we are riding on the lower Bollinger bands, and me personally, I don't like to short the indexes we they are outside the lower bands.
So if we gap down I may miss the short and play the retracement; It's not that I'm bullish or a permabull. I've lost lots of money chasing an oversold short so I've disciplined myself to stay away when things are outside their bbands.
Over 4000 and next target is 4020.