I talked about the main support line yesterday. Looks like we have a double bounce off it on the 2hr time frame. This bounce alone is roughly 29%+ congrats to anyone who caught that big move. Now the waiting game to see if bulls are strong enough to break trend line and close candle above it.
The trend line resistance continues to reject price and keep it down. It's only a matter of time until we break either support or resistance. If we go up, people are happy, if we go down, we get a discount. Paytience.
With low RSI and support line from the bottom, you got yourself a nice 16% bounce. Until it breaks the resistance from the top, then you'll get your breakout. Congrats anyone who caught that support line bounce.
Doordash IPO not long ago and it continues to drop day after day. Price has been holding around this range for last 3 trading days which is a good sign for bulls. With a trendline nearby, will be watching this stock this week to see if it break or rejects. The break of this trendline and closing above it doesn't mean the start of a bull run up. Just means there...
As I mentioned on Thursday, a pullback is expected to happen at the 0.5 Fib line. One thing I didn't notice until later on is that we have the 200MA on the weekly. So having two confirmation of indicator is a confluence. Currently +28.57% on my call option on Sdow. Now if people are waiting for quarterly earnings and other news to come, to play it safe I can take...
So we finally made it to the 0.5 Fibs resistance line. Here we should expect some pullback, if bulls are strong, we will retest this resistance a few times before breaking up higher. Another scenario is a pullback here consolidate a bit in the lower 23000 area before making the next move. I'm starting my call option around the 0.5 on sdow (betting against Dow) to...
As I mentioned yesterday to watch for this area on the 1hr. You have a confluence of the 200 Moving Average as well as the 0.382 support line. Even after this bounce it's still hard to determine the next move. There is still the 200MA on the weekly that we have to break in order to move up. I'm still bearish overall due to the virus. If we don't find a vaccine...
I remember looking at this area this morning as an area of interest to determine how much of a rejection we will get from the 200MA. Turns out it was a good -954 drop. That doesn't mean we are dropping down from here. If price can maintain around here and consolidate, there is still hope for an upside push. That 200MA would have been a great time to scalp. Too...
During a correction, there is usually a second chance to get in a good short position. Elliott wave correction is considered a B wave up. This is a good move to destroy bottom shorter and convert them to become bulls to cover their shorts, creating a huge pump up. This is also a good opportunity to bull trap a lot of people as well. If and when we make the C wave...
