That 3127 was a pretty big Leg start, it was also from the time when they made that emergency rate cut and the market sold off anyway. So it does have some significance as a proper resistance level in my view. Need to take out LOD now to see if she will roll over.
Breaking a rule here, but decided today was one of those days where it would be worth it. I was doing some other work while still watching the market and decided it was worth an additional 5 points of risk. Could easily get stopped out here, but the potential of a decent slide is here for sure. There's an open gap @ 78. Also this week's 50 % Level. But really need to break 3100 first. Can we? Or will the bulls step up?
88 is my number, and 55 if things really fall apart tomorrow. I'm trading off the 240 chart today. I expect another run at 3115 for the next 240 bar. I'll close out my shorts (since yesterday) on a close above 3130. Note: I didn't post my trade real time, and honestly no one would believe my two entries if posted here. So take it for what it's worth.
Really defending that 3100 level, but still have a good 3 hours left here and we might see some congestion here before the next attack from the bears. Just like we did earlier before breaking the prior LOD.
Today? It's my view that if we make a good swing above 08/10 from here, we're done below for the day. Normally, at least.
Yeah. Down - 0,59 % was all that was allowed today. I'd be surprised to see new lows from here today, but you never know...
Yes, today. I expect a move lower, but this is still a strong up market, so I don't expect just a complete price breakdown. We all try to short at resistance and buy at support, but shorting yesterday had a scary feel to it, and that's typically where great entries lie. Albeit with more risk. I think a print of 22 makes the down move less likely, but I'm still looking for a close above 30. I do have a stop above that point in case we go nuts. If I'm wrong, I'll just add it to the list.
This is my expectation. A rejection here would be key to any further down move. If I were to guess, I'll bet they roll out a C&H formation on the 5 min chart and breakdown on the handle head fake. But guess are just what they are. Edit: FYI, I didn't like the close of the last 240 bar. It didn't confirm anything. Let's see how this mofo plays out.