Positive employment data reverse the trend today? Jan 5th

5 Jan 2024

Here is how the market cycles are looking.

M15
Slowest Cycle: Bullish - Strong - Flat trend
Slow Cycle: Bearish - Strong - Flat trend
Fast Cycle: Bearish - Strong - Down trend
Fastest Cycle: Cross - N/A - Up trend
Seeing the cycle for today turning bullish looks like

M5
Slowest Cycle: Bearish - Strong - Down trend
Slow Cycle: Bearish - Strong- Down trend
Fast Cycle: Bearish - Strong - Up trend
Fastest Cycle: Bullish - Strong - Up trend
Also, we got the potential for a bull flip confirmation here

M1
Slowest Cycle: Bearish - Strong - Up trend
Slow Cycle: Bearish - Strong - Up trend

S15
Slowest Cycle: Bearish - Strong - Flat trend
Slow Cycle: Cross to Bull - Weak - Up trend

Early morning hours, we saw the market taking the employment data to be a strong bullish indicator. We are starting the day with gaps to the upside (468.30). High likelihood that this bullish momentum will continue to push the price up higher. I know we are all probably expecting some correction and pullback from the early morning trading. There is a not very clear and certain gap around 464.95 but I think this was already filled shortly after. Overall, we are still in a down trend for the market but today could be a momentary bullish day.

I will provide some updates when I get a chance.

5 Jan 2024

Nota

Here is the play for me this morning

5 Jan 2024

Nota

The descend has started. Took a bit longer than I liked but looks like it's repeating yesterday's pattern. But it will most likely not go down as much as it did yesterday.

5 Jan 2024

Nota

Hope you all liked that :-)

I'm done for the day but here is a potential setup for today.