(Not financial advice)
Leave a comment if you'd like. Happy to discuss.
Bears must keep price under 6,870
Bulls must defend the 6,750 level
If you've seen my other posts, you know my bias is bearish, so keep that in mind.
The price action from earlier today appears to be a 5 wave impulsive move. The question is whether this is the start of a new impulse to new highs, OR if that impulse was part of a larger downward corrective move (running flat pattern) that started on 03/02. If institutional buyers do not step in and hold above 6,750, a waterfall event may occur.
Leave a comment if you'd like. Happy to discuss.
Bears must keep price under 6,870
Bulls must defend the 6,750 level
If you've seen my other posts, you know my bias is bearish, so keep that in mind.
The price action from earlier today appears to be a 5 wave impulsive move. The question is whether this is the start of a new impulse to new highs, OR if that impulse was part of a larger downward corrective move (running flat pattern) that started on 03/02. If institutional buyers do not step in and hold above 6,750, a waterfall event may occur.
注释
Daily chart (zoomed out)Notice how we bounced earlier today perfectly at the 0.618 fib line.
The bulls are trying to make the case that the bottom is in and we go up from here.
The bears are in control right now however (10sma under the 20sma).
Overseas markets are not doing well. Will it spill over into U.S. markets?
交易开始
Updated the bullish short squeeze zone here.(call wall near 6,900)No change to the bearish waterfall zone.
Oil prices are trending back up right now. Bullish action from today was based on optimism from Trump stating that the U.S. navy would keep the strait open and protect ships, however, we are getting very different information from the navy and geopolitical analysts now saying this is not possible at this stage in the war. There are also examples from the Red Sea (Yemen/Houthi attacks) that showed that this was not successful in the past. Markets are forced to take Trump at his word initially (i.e. tariffs), and then do the math afterward to call our his BS, which is what I think we are seeing now.
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