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Revised | 8.5.17 | JCP | XABCD (Bat) Breakout into Earnings JCP | Overview: JCP has been diverging bullish for months (in yellow), the first chance it had to correct was in Q1, and the corrective move failed into a continuation. Going into Q2 I don't think JCP is going to correct into a bullish trend but will correct into a long sideways moving channel, which price is trading in right now. Price is now trading near the range of the channel which is also a major resistance line. Price formed a stair step pattern within the first 30% of the rally and is now attempting to form another stair step at resistance; confirmation that a continuation will fail is a bearish close outside support of the stairstep. Price has also formed a XABCD (Bat) pattern which is indicating a retracement or reversal. The first target of a retracement is at the .382% line and if price trades through this a close outside the .618% line is confirmation of a reversal with a target at support of the channel. The Sentiment Zone Indicator is not oversold and has room to sell off further, the MACD is rounding to cross the signal line bearish , and the RCGI has already made its bearish crossover and trending bearish . Entries: Speculating a bearish move, enter in bearish if price trades to the range of the stair step, or enter in bearish if price closes below support of the stair step. Stop's: Use the 8 EMA and Daily volatility to help you place your stops.
JShort
by TrilogyAnalysis
BTCUSD H+S pattern, bearish div., 1 HR chartIf we look at this cart we see a couple of trends. Overall, we see an upward movement, to a peak around $4400. As we look at a volume indicator, the RSI, we notice the the very highest peak had lower volume than the peak before it, leading to what is called a bearish divergence, drawn by the red arrow over the bottom indicator. After this there was large volume sell off down to below 4000. This movement dropped below the MA 50 line. We now find a price hovering between MA 50 and MA 100. Looking on different charts, we see the bearish divergence on the 4HR chart, and the 1D chart. So we should expect the market to turn slightly. On the 1 hour chart, we start to see a head and shoulders formation, with this 3rd rise in price relating to the 2nd shoulder, after the head. The price went all the way down to the neck line, and rose back up again. With a bearish divergence already in place, this would seem to point to the possibility, that this 3rd rise could lead to a downtrend. If price reaches 3900, we must watch closely. 2 possibilities, the market could react and strong volume could prove resuming the bullish market (most likely). Or, the price does not bounce off this mark, which triggers a sell off. The amount of loss, will be the same amount of gain realized from the neck line to the top of the head *vertical arrow up" / vs the corresponding "vertical arrow down". Just a thought, the market has been unstoppable in the upward direction, and we might be in for a minor correction. Let me know your thoughts/ what you see!
BITFINEX:BTCUSDShort
by Shwayze