The current 1 day chessboard

21 Ağu 2019

Shorterm looking pretty bearish in the near future we should resume bullishness however save for any unanticipated fakeouts. The biggest potential bear threat is the head and shoulders on this chart...were it to somehow actually trigger the measured move would be 5k....probability favors any "breakdown" of the h&s to be a fakeout so if price action dips under the neckline its important I uphold the utmost patience with it until confirmation of a breakdown is undeniable. I think it's ultimately a battle between the green symmetrical triangle and the red H&S. At this time I think I can say probability favors the bullish symmetrical triangle breakout over the head and shoulder breakdown. But fakeouts always have a chance if too many people think a pattern is gonna break a certain way we all know whales like to make the market do the opposite so I remain bearish shortterm and bullish medium /long term but am prepared to act should a fakeout present itself. The other patterns here that are still technically in play are the bear flags obviously but also the double top and the adam and eve double bottom. Neither have been invalidated yet surprisingly.

21 Ağu 2019

Not

one last thing to mention is 7205-7208 range has a super strong horizontal support(in yellow) which is now double reinforced support with the 1 day 200ma (in blue) which has also proven to be an incredibly strong support. Together it's highly probable any dump that could occur would do anything bu get rebound bounced up off its support pretty quickly.