Breakdown
Possible ShortHas very strong support around the 46 range. if it breaks below this level in a convincing way, we may see a large drop.
FKLI - Bearish Breakout From Symmetrical TriangleFKLI - Our index has just broke down from crucial support level at 1,580 and at the same time broke out from symmetrical triangle, which is bearish continuation signal. Stochastic is weakening again. Further downside can be expected towards 1,530
Dow in C leg of ABC Correction: Bounce After or Rejection at TL?Chart says all. Looks quite Bearish but no capitulation as of yet. C waves tend to be fierce and furious. See what it does when Gap fills from 9/04.
Bulls will likely return for another crack at ATH if they can hold the line near 26200. SPX should find support near 2900, at least in this first downdraft. Second support at 2860; breakdown through these levels will likely lead to panic selling and capitulation down to August prices or lower. It is possible a Bear Market is beginning, but too soon to tell.
Have to see if an ATH can be developed by EOY. Trade day-by-day now and hold ur hand close! Rejection from the wedge TL on a bounce could lead to a fully developed 5-wave Elliott impulse downtrend. Failure in China will certainly precipitate this kind of Bearishness.
RUT is getting killed and shows greatest weakness. Expect Flight to Quality to boost US 30 more than NQ, RUT. SPY has been most Bullish of these and might suffer less.
Just an idea, not advice; trade at your own risk!
Revival or BreakDown?Tomorrow Open and Close will be Cruical as Bearish pennant Broken and lower channel is likely to break.
Watch and trade carefully as key support levels are evident.
...eitherway the price broke down symmetrical triangle (gray) where price should be in a continuation of the prevailing trend (in this case should be up)
or
ascending triangle (blue) where price should breakout and continue in an uptrend...
which ever you were looking at the price broke down... we might still be in a sideways range... but I feel the risk is to the downside.
This is what i see here BitcoinI am ready to take the risk, if wrong and stop loss hit, i will market buy a break upward.
Alts up at the end of consolidation, this could be a trap for alts and a capitulation down with bitcoin... Lets see.
Enjoy
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