Today's Inside Breakaway pattern in Trend mode suggests the SPY will attempt to break away from Friday's body range. The Weekly Bias turned to BULLISH last week.
I believe today's price move will be indicative of the rest of the week. We are moving into a very strong Major CRUSH pattern on Friday and I believe that pattern will be a big breakdown move in price.
Thus, I believe the early trading this week (today and tomorrow) will set the tone for the rest of the week.
If we see a rotation in price near the 550 level (to the downside) then my May Low pattern will likely transition into a price breakdown this week.
If we see more upside price action on Monday/Tuesday, then I would be very cautious of the end of this week as a sudden price breakdown may happen.
Gold and Silver will likely stay very muted for the next two trading days. The Canadian Elections will likely cause the US to briefly pause as one of our closest neighbors and trading partners moves through this pivotal election.
Bitcoin will also likely pause a bit in early trading this week and BTCUSD moves up to the $95-96k upper resistance area.
I suggest traders take advantage of this pause in price action to HEDGE their open positions. I believe the bigger move is still to the downside, but I also believe the markets could continue to push a bit higher before ROLLING into that May 2-5 Major Bottom.
At this point, near the 50% Fib retracement level, the markets could break in either direction. But I still believe the May 2-5 Major Bottom will play out as a unique lower low price level - below $525-530 on the SPY.
Get some.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #gold #nq #investing #trading #spytrading #spymarket #tradingmarket #stockmarket #silver
I believe today's price move will be indicative of the rest of the week. We are moving into a very strong Major CRUSH pattern on Friday and I believe that pattern will be a big breakdown move in price.
Thus, I believe the early trading this week (today and tomorrow) will set the tone for the rest of the week.
If we see a rotation in price near the 550 level (to the downside) then my May Low pattern will likely transition into a price breakdown this week.
If we see more upside price action on Monday/Tuesday, then I would be very cautious of the end of this week as a sudden price breakdown may happen.
Gold and Silver will likely stay very muted for the next two trading days. The Canadian Elections will likely cause the US to briefly pause as one of our closest neighbors and trading partners moves through this pivotal election.
Bitcoin will also likely pause a bit in early trading this week and BTCUSD moves up to the $95-96k upper resistance area.
I suggest traders take advantage of this pause in price action to HEDGE their open positions. I believe the bigger move is still to the downside, but I also believe the markets could continue to push a bit higher before ROLLING into that May 2-5 Major Bottom.
At this point, near the 50% Fib retracement level, the markets could break in either direction. But I still believe the May 2-5 Major Bottom will play out as a unique lower low price level - below $525-530 on the SPY.
Get some.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #gold #nq #investing #trading #spytrading #spymarket #tradingmarket #stockmarket #silver
Love My Videos/Research - GET MORE..
-- Special TradingView Tools
-- Automated Trading Systems
-- Proprietary Algos/Signals
-- More..
Join Ment.com Expert Growth Today
Get Some.
-- Special TradingView Tools
-- Automated Trading Systems
-- Proprietary Algos/Signals
-- More..
Join Ment.com Expert Growth Today
Get Some.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Love My Videos/Research - GET MORE..
-- Special TradingView Tools
-- Automated Trading Systems
-- Proprietary Algos/Signals
-- More..
Join Ment.com Expert Growth Today
Get Some.
-- Special TradingView Tools
-- Automated Trading Systems
-- Proprietary Algos/Signals
-- More..
Join Ment.com Expert Growth Today
Get Some.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.