Same chart as the one posted back in Aug 18 with new highlights on what to watch out for.
Orange down arrows mark the potential double top.
Why the higher high in between does not count? You need to spend some time learning Special Theory of Discovery …
The same support zone I projected is now at risk to be taken out.
Until TSLA trade back above the red down trendline and close above that on weekly basis, without breaking the up channel support, Tesla is at best going sideway in coming months.
Breaking below the bottom boundary of the blue zone is a confirmation of the double top setup with much lower price level in play.
Following is the weekly chart of Dow Jones Industrial Average.
The 10 year STOPD level projection tells us where the likely maximum boundary for the current 10 year run will be. It is marked by the red horizontal line at the top.
Parabolic run exhausts itself on the 3rd round most of the time. We are reaching the end of the 3rd round.
Last 2 corrections / consolidations after each run last about 2 years.
It will be tough not to get a steeper correction.
You’ve been warned.
Another great example on how not to trade with your opinion.
Blue up arrow marks the retest of the orange zone (and the flush low). Confirmed by close that the orange zone holds so a run for the previous swing high started.
Many readers are asking for short term analysis on Bitcoin.
Here is the continuous Bitcoin future daily chart.
1. Bitcoin experienced the classic 75% crash from its all time high near 20,000.
2. Since the spike low back in February it has tried hard to settle down but just like any other market, post crash price actions are usually more bearish.
3. The down channel (blue parallel lines) like price action was terminated with channel mid reversal (blue arrow) and false breakout against first quarter low.
4. Breakout of the channel was meant with a strong selloff back down to retest the channel top and the first quarter low (green arrow).
Short Term Outlook
a. A clean breakout above the resistance trend line (green line) will likely give a run to target around 10,000.
b. IF, BTC manages to stay above 2nd quarter high after #a happened, it will in turn create the potential of what is often called Adam and Eve bottom. Whether the pattern will work out is too early to even think about it since the breakout part has not even happened.
It is not that difficult to read a chart properly. Understanding how to engage the market correctly will keep your trading risk under control while the profits will take care of themselves as always. Get my book and learn my system of chart reading.
Not much changed since I last posted the weekly chart of Amazon.
But if you know how to engage three pushes up, you would know what to do on the daily.
Line in the sand is the orange zone, that turns into resistance will likely give us a move back down to the weekly targets mentioned last time.
To learn more about the right way to engage various chart patterns, check out my book today.
Before more downside is possible, takes care of the “unfinished business” first.
Here is a weekly chart of Amazon.
Making measured moves in Amazon is part of its habit all the time.
It is right on time to enter its correction / consolidation phase until the election is over.
The key support areas are highlighted in the chart.
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Let’s guess when and where QQQ and Emini Nasdaq 100 will end this rally.
The chart below is just an update of what I posted last week.
Everything lined up now for a showdown between bulls and bears right above.
Looks like it is going to get this done by either the end of this week or beginning of next.
From there it is more likely than not that we will have a month long consolidation / pullback.
This is a follow-up on my post back on the 21st. This is the same 30-minute chart as of today.
Notice how QQQ (and Emini NQ too) holding up at the up trendline (green line) as support even though there was an external sell shock forced the price to move lower.
And now we have tagged the target (orange zone).
This example is a classic case that you hear all these bearish opinions publicized by the media, yet the markets are doing what they are supposed to do. Then the media (and TV personalities) blame the market for moving higher. Instead of telling the truth that they do not know what they are talking about, they make up more excuses to confuse the public.
Don’t let them.
You do not need fancy technical indicators or complicated analysis to trade profitably.
Learn to read price charts correctly today!