yeah it's sloppy, it's possible, but the onus is CLEARLY on the
bulls now. also I'd draw the neckline as a slanted one. It
would have to bounce hard from here.
I'm hoping for a bounce, if the shit doesn't crash, and even
then maybe it forms a lower high only
That's a sloppy IHS for sure as the shoulders are NOT well
formed (too shallow for the shoulders and RS below LS already).
With that said, the SPX is clearly oversold on intraday charts so
let's see if the bulls can manage a rally and too what extent.
Let's see how foreign markets trade overnight and should the
SPX attempt a rally we'll see if rally has any legs. A lower high
on a bounce attempt would provide another objective short entry.
Onus remains on bulls and I find it easier to trade with the
primary trend for swings.
Currently, ES futures are trading lower and nearing a retest of
the late afternoon lows.
Looks like a sloppy IH&S
SPY system went to cash
Posted by ectoplasm on 2nd of Feb 2016 at 05:50 pm
Looks like a sloppy IH&S on the SPX 30 min chart - am already long & will top up on neckline break..
30 min chart:
yeah it's sloppy, it's possible,
Posted by matt on 2nd of Feb 2016 at 06:05 pm
yeah it's sloppy, it's possible, but the onus is CLEARLY on the bulls now. also I'd draw the neckline as a slanted one. It would have to bounce hard from here.
I'm hoping for a bounce, if the shit doesn't crash, and even then maybe it forms a lower high only
That's a sloppy IHS for
Posted by steve on 2nd of Feb 2016 at 06:05 pm
That's a sloppy IHS for sure as the shoulders are NOT well formed (too shallow for the shoulders and RS below LS already). With that said, the SPX is clearly oversold on intraday charts so let's see if the bulls can manage a rally and too what extent. Let's see how foreign markets trade overnight and should the SPX attempt a rally we'll see if rally has any legs. A lower high on a bounce attempt would provide another objective short entry. Onus remains on bulls and I find it easier to trade with the primary trend for swings.
Currently, ES futures are trading lower and nearing a retest of the late afternoon lows.
Well that was one weak
Posted by steve on 3rd of Feb 2016 at 10:29 am
Well that was one weak rally attempt that formed a lower high (objective short) and the rest is history. SPX now back into the 1869 pivot range.
Matt & Steve Appreciate your feedback! PA
Posted by ectoplasm on 3rd of Feb 2016 at 10:44 am
Matt & Steve
Appreciate your feedback!
PA looks to be bouncing off that " very important area".
Answer: I think you can see why I was not confident in your IHS scenario. See my reply yesterday.