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Topping

OIL me up What a crazy rally its been for oil since last November. Just passed the .786 Fib level on the daily based on the highs of Jan 2020 and looks pretty solid growth wise. Possible it can go to top of channel around 65. Definitely been good for the OPEC cartel and the USA. Maybe theres some cracks? A lot of traders are pricing in a recovery already in travel and based on vaccination roll out (new variants) seems like this might have been jumping the gun a bit. Ichimoku looks like it about to cross over and the baseline has been acting as support during this rally. How long will it sustain? Completely over bought on the daily chart and just went into overbought territory on weekly chart as well. historically OIL and DXY have been inversely correlated since the oil trade around the world is done in the good ol Benjamin. Curious to see how a decline in prices would affect DXY. Let's see what you think, That's all folks.
ICEEUR:BRN1!Short
by moonman777
Tesla : Looking for a final rally higherThe last count was very bullish and was looking for a wave 3. This did not happen and the count was invalidated. The first adjustment in counting is that price wasn't finished with wave 2(circle) yet. In this count i am still looking for a wave 3(circle) up. Perhaps Biden will launch this rocket. However, looking at how price has been in a contracting range for the last couple of days, a triangle should be considered. This would mean price is still in wave IV and the final wave V could be a spike through the wave III high at minimum. There is one problem with counting this price action as a triangle. wave 1(circle) has to be changed from an impulsive wave to a corrective wave B of a triangle. This is not a good way of changing a count but can be allowed if the internal structure of that wave is not clear and the timeframe is small enough. Look for wave D to finish between the 2 red lines shown on the chart. Wave D cannot go past the wave B high but should go above the trendline that started at the wave B high. If the wave IV wave low is broken, a double three corrective wave is still possible, but the size of wave IV would be large enough to consider that Tesla has already topped and is in a larger corrective wave down. Good luck !
NASDAQ:TSLA
by jdemunter
BTC has big resistance in this areaActually the entire area of upper 10ks was not much resistance in general. So breaking it didn't really mean too much. However there are some pretty big resistance here. L3 monthly camarilla level would mark it returning to the original range it fell from. The Purple lines are the Monthly CPR and pivot point. The blue line is an already twice tested downtrend line. All of these are pretty significant. I think its a little early for this breakout. because we will be having a new daily pivot forming which will drag btc down a couple hundred after UTC closing. So lets se
COINBASE:BTCUSDShort
by Gunslinger2005
2
bitcoin. Short potential. 2day. CamarillaCam monthly levels. we hit the top of predicted monthly range perfectly. if we reject here. the typical play would be to target the L3 on the otherside. supporting information is that the sentiment is very bullish. over confident. fear and greed highest since 14k last year. fisher transform on 2day is +4. TD9 sell set ups are on larger time frames. godmode on daily and two day signalling top locally. wave trend. The inverse of wix sensing top points. OBV shows lot of buying in this area. The PPO is in the red extreme warning threshold. The defi movement is just big money narrative or getting more money to begin with. the worlds economies are going to face hardship the coming months. BTC has NEVER been a good storage of value at these levels. People are trying to compare the price action here as if it is unstoppable like 2017 however this is not a blue sky breakout. That is just my two cents. P.S Potentially we could bounce from 11.8 or see the H4 level or up to it for some upside hunting. that is a large space so exercise caution. stop loss yourself maybe around 12.1 and look to reposition after that happens if it does.
Short
by Gunslinger2005
Massive Broadening Top on the S&P 500 (Updated)This is an update of my previous idea showing the multi-year topping pattern happening on the S&P 500. The previous post is linked below in related ideas. Since that post we've had an incredibly aggressive rally, breaking above all estimated rebound levels, closing all gaps in the March decline, and now looking to challenge all time highs. But the big picture remains the same: we're in a massive, volatile topping pattern at the tail end of an aging bull market. Here are a few things that are new to the situation since the previous update: Two months of gaps all the way up (seen on a daily chart) that will eventually fill An over-extended rally, that might better be called a mania, not seen since the 2000 tech bubble The highest valuations ever by some measures The lowest put/call ratios ever (showing nobody is concerned about downside) The largest monetary interventions ever One of the highest extensions above the 50 day moving average ever (and who knows how many other overbought indicators) Noob retail traders jumping into the market like nothing seen since the 2000 tech crash Unprecedented protests/social unrest, further adding to the economic issues and breaking down social distancing norms, sure to bring on another wave of Covid Meanwhile the economic situation remains positively terrible with nothing by comparison in history but the Great Depression. Basically we're seeing a stock mania, a massive disconnect from fundamentals, happening inside of a recession--something that has never happened before. Thanks Fed! So looking at the situation objectively, I just can't join all the bulls running so madly ahead while cheering for new highs. The economic situation says the the bull born in 2009 is dying if not already dead. And technically what I see is we've now rallied back up near to the top of the multi-year pattern. So what's the upside? Maybe 100-150 points to the top of the pattern. And the downside? The risk of a 1000 point decline that could be a 2000 point decline if we break the March lows. Are you kidding me? Has there ever been a worse risk/reward in history? Nobody in their right mind is buying here. And that's just it, the market is in a mania--participants are not in their right minds. Some people are saying the March decline was just a correction, and maybe they're right. But what that means is we haven't even seen the bear yet. The increasingly large drops to the bottom of the megaphone the last few years have just been the initial moves as the bull comes to an end... just a warm up to what is eventually coming. What are we going to see when the market finally turns if the 35% crash in March was just a shudder from a tiring bull? Holy cow. It's times like this where it's worth pointing out that cash is a position, and it's a sane position that easy to hold as the world goes insane. At least if you can avoid the fear-of-missing-out mania now running rampant through the markets.
SP:SPXShort
by MystryBox
74
ES1 (S&P500 futures) just topped out!Just happened minutes ago, the topping pattern of a High, Low, Lower High, Lower Low, Lower High, and then a Lower Low just completed and then it gave up and did a huge Markdown. MACD has given an earlier indication of a drop, after pattern completion. THIS IS a topping pattern, and it is of high probability that the S&P500 topped out. Now waiting for it to continue the downward momentum and break the trend line support. But not before a rather lame attempt on daily charts next week to recover somewhat and reverse down again. Watch for it...
CME_MINI:ES1!Short
by Auguraltrader
Will CAD remain strong?The Canadian Dollar continues its recent out performance against the US dollar and is currently pressing down on a noted support zone. USD/CAD has turned lower after hitting a four-month high last week, helped by a small rally in the price of oil off its multi-month low. The price of oil however will remain under downside pressure, as investors fear that hit to the global economy from the coronavirus. A Chinese flu-like virus. Looking ahead this week, USD/CAD traders should be aware of two important data events on Wednesday with the latest Canadian inflation data released, while later in the day the FOMC minutes will be released. This move lower highlights the current weakness in the pair although the CCI indicator does not fully confirm this. A break below the support-zone could see the pair fall back to the 200-day moving average
Short
by Maveric12
1
Activision - New lows ahead?With equities being enormously stretched to the upside in recent months, it is wise idea start preparing for some short exposure. One idea, I am looking at is NASDAQ:ATVI $ATVI After halving in later 2018, during 2019 it is building what looks like a major bear flag. Wave structure, with price near 0.618 level, also suggest that the top might be near and reversal may start relatively soon (probably though we will get gap fill at first). For entry some support trendlines also need to break first, and I will be watching for this development. P.S. NASDAQ:EA chart is somewhat similiar $EA
NASDAQ:ATVIShort
by Silvestrov
1
AMZN: News from India Could Help Complete the Top After a BounceAmazon was in the pre-market news today. India has put heavy restrictions on the e-commerce retailers, AMZN and WMT and others. The ruling affects many products that Amazon sells. India’s rules will bar retail e-commerce companies from engaging in an exclusive partnership with a seller. This could hurt Amazon’s expected revenues from India. This dominant e-commerce company hit Market Saturation in many of its primary global markets and was relying upon massive growth from Indian customers as a new revenue source. This new ruling from the Indian government changes Amazon’s plans abruptly. The stock is in a topping formation that has still not completed yet. The stock dropped through support levels and then rebounded in a bounce up along with most big-name companies yesterday. HFTs are likely to react to this news soon. Support levels are shown as black lines in the attached weekly chart.
NASDAQ:AMZN
by MarthaStokesCMT-TechniTrader