Today's pattern is a Major CRUSH pattern in Counter-Trend mode. These types of patterns (CRUSH patterns) are usually very large range bars that move against the current price trend. A Counter-trend Major CRUSH pattern would likely be a huge bar that moves counter to a counter-trend - thus potentially BULLISH.
Today, I have my reservations related to how this Major Crush pattern will setup. As I stated in my video, yesterday's price bar setup an Island type of bar (in an Evening formation) which is very typical of a topping pattern.
Today, I'm expecting the markets to sell downward into the Major CRUSH pattern. I believe the move of my MRM system into Bullish Trending yesterday sets up a perfect opportunity for the markets to shake out the longs on a big CRUSH pattern today.
But, I've also highlighted bullish breakaway levels on the SPY/QQQ chart for traders to be prepared for any outcome today.
In short, I believe the May 2-5 Major Bottom aligns with this Major CRUSH pattern as a downward price trend today. But, I'll be prepared to take my lumps if I'm wrong and the markets rally straight upward.
Over the past few days, we've seen some interesting developments in China and other places. I do not believe the US market is immune from the global slowdown which is taking place right now. Therefore, I urge traders to continue to stay protected from risks and to keep allocation levels rather small.
It may seem like a fantastic time to throw out some big trades - but it is still very dangerous in this extreme volatility.
I see Gold and Silver trying to base/bottom near recent lows over the next 5+ days. I still believe Gold will be trading at or near $4100 before the end of May.
Bitcoin seems to have followed the SPY/QQQ upward since April 21. I believe this is pure speculation. I'm still very cautious of a breakdown in the markets right now.
Let's see how this Major CRUSH pattern plays out.
It should be interesting - one way or the other (again, I'm still leaning toward a BEARISH breakdown in price today).
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
Today, I have my reservations related to how this Major Crush pattern will setup. As I stated in my video, yesterday's price bar setup an Island type of bar (in an Evening formation) which is very typical of a topping pattern.
Today, I'm expecting the markets to sell downward into the Major CRUSH pattern. I believe the move of my MRM system into Bullish Trending yesterday sets up a perfect opportunity for the markets to shake out the longs on a big CRUSH pattern today.
But, I've also highlighted bullish breakaway levels on the SPY/QQQ chart for traders to be prepared for any outcome today.
In short, I believe the May 2-5 Major Bottom aligns with this Major CRUSH pattern as a downward price trend today. But, I'll be prepared to take my lumps if I'm wrong and the markets rally straight upward.
Over the past few days, we've seen some interesting developments in China and other places. I do not believe the US market is immune from the global slowdown which is taking place right now. Therefore, I urge traders to continue to stay protected from risks and to keep allocation levels rather small.
It may seem like a fantastic time to throw out some big trades - but it is still very dangerous in this extreme volatility.
I see Gold and Silver trying to base/bottom near recent lows over the next 5+ days. I still believe Gold will be trading at or near $4100 before the end of May.
Bitcoin seems to have followed the SPY/QQQ upward since April 21. I believe this is pure speculation. I'm still very cautious of a breakdown in the markets right now.
Let's see how this Major CRUSH pattern plays out.
It should be interesting - one way or the other (again, I'm still leaning toward a BEARISH breakdown in price today).
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
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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.