There looks to be strong support around 31 but with minimal cloud coverage making the plunge in oil more fluid. Strong levels to watch are 34, 32.5, 31.2 31, 27.5 26.......
short.. should have published 2 hrs ago when I drew the line
looks like we will see some resistance and maybe another drop.
watch for a quick move lower. keep and eye on data tomorrow to confirm the direction. break or bounce?!?!
Top.. rally on weak data and declining volume. QE, neg rates and wealth transfer/ currency devaluation only gets you so far. This is the SPY faking an orgasm. death is upon us ;)
May see a H&S on the 15min to take us to retest $26. from there see a potential low of $17-24 before quickly bouncing back to $30s.
Big short potential if IBB doesn't break back into the wedge tomorrow (2/11). Ill be looking to add more LABD by the end of the week if we don't see a bounce. This could be a big one!
When this flag breaks down, the neckline of the H&S pattern will be broken. Price target = low $20s or high teens.
Down trend into beautiful Head and Shoulder pattern. This is an updated version of the oil H&S chart I posted last week. This could be an amazing short if it breaks the neckline this week.