$SPX - Chart Link - price quite logically
bounced off the 9 EMA today, remember price was too far stretched
away from it on Wed. And also the 200 day MA, which is a big level
people watch
basically reversion to mean action from Wednesday's
overbought double top levels
whenever you get a symmetry break - price can pullback right
away or price can push higher, which is what it did.
Sometimes if I sense price is very strong I'll just go ahead
and jump on board on a symmetry break
because I know that it's a bullish event vs waiting for
the pullback that might not come until much higher prices like we
see today. Now price has rallied enough to form a possible neckline
of an Inv H&S on a 5 min, but probably with that is, probably
not enough time for that pattern to form this late in the day
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Price bounced off the 9 EMA today and 200 MA
Posted by matt on 9th of Nov 2018 at 03:17 pm
$SPX - Chart Link - price quite logically bounced off the 9 EMA today, remember price was too far stretched away from it on Wed. And also the 200 day MA, which is a big level people watch
basically reversion to mean action from Wednesday's overbought double top levels
$SPX - Chart Link
so, my understanding is that
Posted by mdgfain on 9th of Nov 2018 at 03:22 pm
so, my understanding is that you think SPX is going to drop back again and set a higher low than the previous low of 2603? Thanks.
whenever you get a symmetry
Posted by matt on 9th of Nov 2018 at 03:30 pm
whenever you get a symmetry break - price can pullback right away or price can push higher, which is what it did. Sometimes if I sense price is very strong I'll just go ahead and jump on board on a symmetry break because I know that it's a bullish event vs waiting for the pullback that might not come until much higher prices like we see today. Now price has rallied enough to form a possible neckline of an Inv H&S on a 5 min, but probably with that is, probably not enough time for that pattern to form this late in the day