On my Watch list for the coming week. (short side)
Overall bearish for about the last 10 months or so. YES
we will be coming into some heavy support coming up this fall
however I expect at least 1 more push down before any real
sideways action starts. If there are any Ew out there your
take on this may be helpful.
Several points of resistance coming up noted by
red Xs and dashes which all seem to meet (confluence) at approx
the FIB retracement level 61.8 – 50.0 based on this last
push down which lasted about 3 weeks (daily). (3 wave)
I will be watching for heavy rejection on daily/ 4hr for either
shooting star or bearish engulfing in that blue shaded zone between
the 61.8 – 50 fib level. Keep in mind IF the market charges
right through any of the resistance NO trade will be taken, I
want to see price action heavily rejected once that blue zone
is reached in the form of what I outlined above.
I try my best to trade ONLY with impulsive wave NOT corrective, brings
better % that the trade will work out in my favor.