Some options...
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Just laying out some ideas here. Personally, I like the white path the best. One last rejection of the larger megaphone pattern and then one last test of the bottom side of the short term pink wedge created. Then go from there.
The most bearish option being the red pattern can't be ruled out because some of the bigger market leaders in AAPL and CMG both sold off showing some potential weakness today. The SPY seen a ramp up in volume as well this morning. Often times in the inverse situation, a ramp up in volume on a sell-off can indicate a solid support level has been established. The inverse of that obviously being a resistance zone. The day is not over, but the SPY has been unable to hold above those highs set this morning. Blow off top? Maybe.....
Can't ever rule out the option of the green path either. Albeit, with the current market conditions, it seems to be the most unlikely scenario, it's still possible and is why we have to remember to never be perma bear or bull.
Interesting to note that the market has yet to push through the 2018 highs without doing so via overnight trading.
The most bearish option being the red pattern can't be ruled out because some of the bigger market leaders in AAPL and CMG both sold off showing some potential weakness today. The SPY seen a ramp up in volume as well this morning. Often times in the inverse situation, a ramp up in volume on a sell-off can indicate a solid support level has been established. The inverse of that obviously being a resistance zone. The day is not over, but the SPY has been unable to hold above those highs set this morning. Blow off top? Maybe.....
Can't ever rule out the option of the green path either. Albeit, with the current market conditions, it seems to be the most unlikely scenario, it's still possible and is why we have to remember to never be perma bear or bull.
Interesting to note that the market has yet to push through the 2018 highs without doing so via overnight trading.
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