First off, today's pattern is in a COUNTER TREND mode. Think of that as the pattern being INVERTED to the current price trend.
Next, the Bottom/Rally Start pattern is usually a base/bottom type of pattern that prompts a fairly strong bullish/rally phase in price.
This time, because it is inverted (in Counter-trend mode) and is forming within the broad consolidation phase of the current EPP pattern, I believe this Bottom/Rally Start pattern will really be a Top/Selloff start type of pattern.
Where price will find resistance in early trading, form a rollover top, and start to move back downward towards the 500-505 level on the SPY.
I don't believe this downward price move will attempt to break below 480-485 today. I believe today's move will be a moderate pullback in the trend.
Although any BIG news could disrupt the current support near $480, so be aware that any big news event could crush the markets (again) and send the SPY trying to retest the $480 support level.
Gold and Silver appear to be basing - perfect. I'm watching for Metals to really start to reflect the FEAR in the markets and rally above $3200 (Gold)/$39 (Silver).
BTCUSD appears trapped in the breakdown stage of the current EPP Consolidation phase and the new CRADLE pattern. No matter how I try to identify if I'm wrong with BTCUSD, I keep seeing the breakdown as the more dominant trend.
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
Next, the Bottom/Rally Start pattern is usually a base/bottom type of pattern that prompts a fairly strong bullish/rally phase in price.
This time, because it is inverted (in Counter-trend mode) and is forming within the broad consolidation phase of the current EPP pattern, I believe this Bottom/Rally Start pattern will really be a Top/Selloff start type of pattern.
Where price will find resistance in early trading, form a rollover top, and start to move back downward towards the 500-505 level on the SPY.
I don't believe this downward price move will attempt to break below 480-485 today. I believe today's move will be a moderate pullback in the trend.
Although any BIG news could disrupt the current support near $480, so be aware that any big news event could crush the markets (again) and send the SPY trying to retest the $480 support level.
Gold and Silver appear to be basing - perfect. I'm watching for Metals to really start to reflect the FEAR in the markets and rally above $3200 (Gold)/$39 (Silver).
BTCUSD appears trapped in the breakdown stage of the current EPP Consolidation phase and the new CRADLE pattern. No matter how I try to identify if I'm wrong with BTCUSD, I keep seeing the breakdown as the more dominant trend.
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.