SPY/QQQ Plan Your Trade For 8-9 : Inside Breakaway Volatility
Today's Inside Breakaway pattern requires price to open within the body of yesterday's candle. Therefore, we need to see price move below $530.65 before the 930 opening bell in NY.
If this happens, then the Inside Breakaway pattern is ready to play out, and I believe we have a much stronger chance (about 75%) for the price to rally higher today (leaving only about a 25% chance for a broader market pullback).
The Current Flag formation on the SPY (and other major symbols) may present an extended range of volatility today and on Monday.
I'm suggesting today's Inside Breakaway pattern will resolve to the upside. But I'm also warning there is about a 30% chance the markets will FLUSH-OUT to the downside today before resolving back into a Bullish price trend.
The reason I'm making this suggestion/warning is because of the Flag pattern that is currently playing out. The closer we move toward the Flag Apex, the more likely we will see broader price volatility and bigger price swings.
It is very common for price to become extremely volatile near Flag Apexes. This happens because the price has been coiling into the Flag Apex range for many hours/days and potentially weeks. That energy, when released, usually prompts a fairly large volatility range.
Today, I warn that the $524-525 should act like a make-or-break level for Bullish or Bearish trending.
I cover the SPY, Gold, Bitcoin, IWM, and more in today's video.
Remember, I'm trying to teach you techniques you can use for the rest of your life while showing you what I see on these charts.
Get some.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #es #nq #gold
If this happens, then the Inside Breakaway pattern is ready to play out, and I believe we have a much stronger chance (about 75%) for the price to rally higher today (leaving only about a 25% chance for a broader market pullback).
The Current Flag formation on the SPY (and other major symbols) may present an extended range of volatility today and on Monday.
I'm suggesting today's Inside Breakaway pattern will resolve to the upside. But I'm also warning there is about a 30% chance the markets will FLUSH-OUT to the downside today before resolving back into a Bullish price trend.
The reason I'm making this suggestion/warning is because of the Flag pattern that is currently playing out. The closer we move toward the Flag Apex, the more likely we will see broader price volatility and bigger price swings.
It is very common for price to become extremely volatile near Flag Apexes. This happens because the price has been coiling into the Flag Apex range for many hours/days and potentially weeks. That energy, when released, usually prompts a fairly large volatility range.
Today, I warn that the $524-525 should act like a make-or-break level for Bullish or Bearish trending.
I cover the SPY, Gold, Bitcoin, IWM, and more in today's video.
Remember, I'm trying to teach you techniques you can use for the rest of your life while showing you what I see on these charts.
Get some.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #es #nq #gold
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