Today was very interesting indeed, on most charts I can see negative divergences all over and volume is decreasing at a faster rate than usual. What does that mean? Mean if I am long I would be cautious as divergence and the wedging formations on the charts usually is precursor to a pullback. My best guess is that we will pullback tomorrow but how far is the question.
For those who believe in the astronomical cycle you must take note that tomorrow is a solar eclipse which is usually the beginning of reversal in the market. Do I follow astronomical cycles Yes and No, but I will be looking at this one since it seem that we are overbought and having divergences on the charts.
My favorite summer trading instrument Oil is on the retracement as excepted and I would be looking at that 67.50 area for another short. The 62% Fibonacci numbers is around 67.62 so that would be my perfect short trigger.
Not much to say but look for some break on the channels to go short tomorrow on the Markets.
Remember watch that 956 level very important if we break with conviction the measure move is around 1007
MARKETJEDI
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment