Messy charts still hold and the visible crosscurrents mean that markets will reverse on its edges before resuming any trend. Above 2883, buyers will try the press into 2904. Support bounces are important to hold near 2844.5 now. The edges of weekly importance near 2807 and 2791.5 as well as 2778 also now on the horizon – these levels still hold on the broad weekly swing cycle.
RECAP – Buyers stronger above 2883.75. Sellers want to press us below 2836 but that may not occur this week -the weekly candle closes remains important. Breaches below 2852 is likely to create a bit of a battle with failure sending us into the lower level of 2740-2836
Divergent action still sits below the movement of price on both sides of the trades – long and short – but traders are still looking at deep support edges to bounces.
****OUR METASTOCK MAP IS NOW SECURELY ENGAGED SHORT IN THE SWING MOTION BUT THE FORMS SUGGEST TAKING PROFIT AS IT TESTS LOWER AND ADDING BACK AT KEY AREAS OF RESISTANCE.
DEEP DIPS AND WIDE SPIKES IN PRICES ARE ALWAYS A STRONGER PROBABILITY WHEN THE SWING SIGNAL IS AT A CROSS CURRENT TO THE TREND
ALERT -Today – new short at 2866.5 stop at 2872 – targets at 2854- 2844
Yesterday we re-engaged in the short at 2866.5 – Looking for a retest of 2836 and 2807 as targets. Behavior at prior target/support at 2856, we trimmed and were stopped out on the rest
Divergence and defense of recent lows tell us buyers are still in the fight as sellers engage actively Here’s a link to the METASTOCK software
IF YOU DON’T JOURNAL YOUR PROGRESS, YOU SHOULD – How about finally starting that trading journal?
PROTECTED DATA SITS BELOW –
IF YOU CAN SEE THIS LINE, YOU ARE LOGGED IN
TODAY’S WEBINAR RECORDING LINK
NOTICE: All user and member interaction and participation with TheTradingBook.com implies agreement with our Terms & Conditions