First off, today's pattern is in a COUNTER TREND mode. Think of that as the pattern being INVERTED to the current price trend.
Next, the Bottom/Rally Start pattern is usually a base/bottom type of pattern that prompts a fairly strong bullish/rally phase in price.
This time, because it is inverted (in Counter-trend mode) and is forming within the broad consolidation phase of the current EPP pattern, I believe this Bottom/Rally Start pattern will really be a Top/Selloff start type of pattern.
Where price will find resistance in early trading, form a rollover top, and start to move back downward towards the 500-505 level on the SPY.
I don't believe this downward price move will attempt to break below 480-485 today. I believe today's move will be a moderate pullback in the trend.
Although any BIG news could disrupt the current support near $480, so be aware that any big news event could crush the markets (again) and send the SPY trying to retest the $480 support level.
Gold and Silver appear to be basing - perfect. I'm watching for Metals to really start to reflect the FEAR in the markets and rally above $3200 (Gold)/$39 (Silver).
BTCUSD appears trapped in the breakdown stage of the current EPP Consolidation phase and the new CRADLE pattern. No matter how I try to identify if I'm wrong with BTCUSD, I keep seeing the breakdown as the more dominant trend.
Get some.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #gold #nq #investing #trading #spytrading #spymarket #tradingmarket #stockmarket #silver
Next, the Bottom/Rally Start pattern is usually a base/bottom type of pattern that prompts a fairly strong bullish/rally phase in price.
This time, because it is inverted (in Counter-trend mode) and is forming within the broad consolidation phase of the current EPP pattern, I believe this Bottom/Rally Start pattern will really be a Top/Selloff start type of pattern.
Where price will find resistance in early trading, form a rollover top, and start to move back downward towards the 500-505 level on the SPY.
I don't believe this downward price move will attempt to break below 480-485 today. I believe today's move will be a moderate pullback in the trend.
Although any BIG news could disrupt the current support near $480, so be aware that any big news event could crush the markets (again) and send the SPY trying to retest the $480 support level.
Gold and Silver appear to be basing - perfect. I'm watching for Metals to really start to reflect the FEAR in the markets and rally above $3200 (Gold)/$39 (Silver).
BTCUSD appears trapped in the breakdown stage of the current EPP Consolidation phase and the new CRADLE pattern. No matter how I try to identify if I'm wrong with BTCUSD, I keep seeing the breakdown as the more dominant trend.
Get some.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #gold #nq #investing #trading #spytrading #spymarket #tradingmarket #stockmarket #silver
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