Price is currently gettting pushed under yesterday's close and potentially the 50 Day Moving Average, we're also crossing below a whole number 9900, look to get short around 9891.
We've got a great looking Bearish Morning Star Setup as seen on the left Daily Chart. The Entry will be on the break of the close from Friday's session.
On the right, I've moved into the 1 HR Chart, you can see a 12 PIP Stop loss setup ( or maybe even better if you wait for a small pull back and then bread down).
The Take Profit is identified by the previous...
Potential Short position indicated by the circled area, wait for the latest 1hr candle to breakdown, take profit highlighted in yellow at the bottom of the channel.
Looking at the recent highs and major rejection outside of the channel earlier, looking at at good short under 8800 with take profit at the yellow line indicated near the bottom of the trend channel.
As you can see from the Regression Trend, which contains 98% of the moves, we are starting to show weakness.
We haven't had a healthy pullback in quite a while, I'm suspecting big re-tracement soon.
Expected move at least 100 pips to the profit taking line, we had a rejection of the 9000 mark.
If you didn't panic sell and survived the ride, jump on the slide! Down we go.
We've got multiple factors of confluence, Daily Chart hitting previous support, now resistance. Bearish Divergence on both the Daily and Weekly charts. Also weakening Stochastic's on the 4 hour timeframe (not shown). Profit Target around 8863 shown by the $ sign
We've got multiple touches for support on the daily and weekly charts and pulling right back into at 61.8 Fibonacci level, lining up perfectly with the weekly support as well.
Looking at the chart, we have a clear bearish engulfing candle already formed, current candle tried to push higher but is showing weakness.
Profit target = $
Looking for a small pop Monday, but staying below previous highs, if so this could be a great short entry; looking for a re-tracement of about 90 pips to the Green line for my take profit. Being an uptrend no, need need to get greedy on the pullback.
Chart is setting up nicely for a move down, this time we've got bearish divergence as shown by the yellow lines on the chart and stochastic. My take profit is marked by the green dotted line, could go lower but this is a conservative place to close the position.
We've also got spinning tops forming under 3 major Moving Averages, shown as 240, 100, and 50 Day....
We've got hidden divergence on the Daily shown by the yellow trend line and on the stochastic indicator below, were sitting pretty below our 50/100/240 MAs and we've got a shooting star 2 days in a row.
Wait on US employment news tomorrow at 8:30 to settle, potential entry Monday.
Profit Target 60 Pips below, see the $.
Looking at the Daily (left) and 4 HR (right) we've got bearish divergence aligned on both time frames. Today or Monday offering a good entry point, with a profit down to the target (green flag).
Also daily chart is looking like a Shooting Start at the top of an uptrend.
