The market is in such a dire state that Briefing no longer knows what to say.
TIME TO BUY!!!! LOL!
Of course it's only prudent to wait for a valid pattern to emerge before one hits the "ask" button.
TIME TO BUY!!!! LOL!
Of course it's only prudent to wait for a valid pattern to emerge before one hits the "ask" button.
TF Hourly
What I see:
- Yesterday's 50 over point drop has taken out 60 over percent (ie. ENOUGH!!) of TF's gains accumulated in the past 4.5 sessions
- TF's fallen through support provided by Nov 20's peak, and sitting on my purplish downtrend line
- TF bouncing off the floor of my red descending triangle (I did say "what I see", didn't I? Ok, maybe "imagine" would be a more suitable word...)
- Strong resistance above at 460 - 488
A breakout from the descending triangle and piercing of the resistances provided by the price consolidation area above (460-488) would be needed to confirm trend continuation (ie. UP).
A more likely scenario is that TF would test the 412 low again.
Whether it'll bounce off from there and break out of all the resistances above is anybody's guess.
At this moment, I'm not sensing any bullish bias in the market.
But maybe...just maybe...and I'm REALLY HOPING...that we'll see a breakout on the upside today.
- Yesterday's 50 over point drop has taken out 60 over percent (ie. ENOUGH!!) of TF's gains accumulated in the past 4.5 sessions
- TF's fallen through support provided by Nov 20's peak, and sitting on my purplish downtrend line
- TF bouncing off the floor of my red descending triangle (I did say "what I see", didn't I? Ok, maybe "imagine" would be a more suitable word...)
- Strong resistance above at 460 - 488
A breakout from the descending triangle and piercing of the resistances provided by the price consolidation area above (460-488) would be needed to confirm trend continuation (ie. UP).
A more likely scenario is that TF would test the 412 low again.
Whether it'll bounce off from there and break out of all the resistances above is anybody's guess.
At this moment, I'm not sensing any bullish bias in the market.
But maybe...just maybe...and I'm REALLY HOPING...that we'll see a breakout on the upside today.
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