At least on Monday morning.
Let’s start with the 30 minute bars, then zoom out.
The last move up overnight as of 3:30 AM in NY looks tired and toppy. But with a 2-3 day cycle projection of 3335, there’s some prospect of a second wind.
The hourly chart shows multiple resistance lines around 3325. But the 5 day cycle projection is also around 3335. Hourly cycle indicators suggest that there isn’t much more upside, but there are no sell signals yet, and they could go into trending mode.
The beautiful 2 hour bar chart shows yeah, there’s room to run to 3345-50 without breaking a slow downtrend. Maybe this whole thing since September 9 is a downward biased consolidation.
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Catch up with the short term to longer term outlook, and chart picks for playing both sides of the game in my weekly Technical Trader reports. Here’s the latest:
An up day on Monday would confirm that the short term downtrend is broken. This report gives you the key support and resistance levels, and what to expect if they’re broken. I’ve added 8 chart picks, 5 longs and 3 shorts, to take advantage of a move either way.
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