I chose the 4-hour chart for this pitch since it's a perfect blend of all of the time frames leading into next week.
A handful of indicators show price divergence in the lower time frames:
1. Volume-weighted RSI
2. Increasing selling volume
3. Accumulation/Distribution
Each of these indicators are fairly bullish AFTER the retracement, which is why I'm predicting a brief price markdown followed by a bounce. From there, lots of unknowns. Future clouds reveal support at these levels is fragile; a double-bottom @ $333 would be a nice price point to bounce into the daily/weekly trends, which are bullish until the first week of November (you don't say?). The predicted pattern gives us a failed head and shoulders which will be shorted on the 2nd bounce and give a little rocket fuel to the upward bounce as they buy to cover.
I'm a fan of Ichimoku Clouds with the SPY. Price almost always retraces after breaking out from a downtrend. Trump is in Sanford, Florida doing a rally on Monday -- seems like a ripe opportunity for him to tweet/say something stupid to kickstart this correction.
Anyone else have any thoughts?
A handful of indicators show price divergence in the lower time frames:
1. Volume-weighted RSI
2. Increasing selling volume
3. Accumulation/Distribution
Each of these indicators are fairly bullish AFTER the retracement, which is why I'm predicting a brief price markdown followed by a bounce. From there, lots of unknowns. Future clouds reveal support at these levels is fragile; a double-bottom @ $333 would be a nice price point to bounce into the daily/weekly trends, which are bullish until the first week of November (you don't say?). The predicted pattern gives us a failed head and shoulders which will be shorted on the 2nd bounce and give a little rocket fuel to the upward bounce as they buy to cover.
I'm a fan of Ichimoku Clouds with the SPY. Price almost always retraces after breaking out from a downtrend. Trump is in Sanford, Florida doing a rally on Monday -- seems like a ripe opportunity for him to tweet/say something stupid to kickstart this correction.
Anyone else have any thoughts?