The Bulls can celebrate as they continue to dominate the market since March. There are signs that their strength and momentum is wearing thin. At the same time this has been the conventional wisdom for some time and the Bull keep roaring back. Every time there has been a correction or pull back the Bulls have defended the market. We cannot discount what the market is telling us. As traders we have to deal with the cards that are dealt.
1 Day, 10 min. - Oct. 21 - We have been introduced to a new indicator called the PPS available from ThinkOrSwim on the TOS charts. As seen above there was a very clear "short" signal at a critical moment. The PPS is an indicator we need to keep an eye on.
20 Day, 2 Hour - Oct. 21 - This 20 day chart is very interesting. It demonstrates the bullish trend that is dominant over the last two weeks, but also shows the challenge to support within the channel. The "Monthly Pivot" has been breached. Will this lead to further decline or will the Bulls, as usual, come to the rescue?
1 Year, Weekly - Oct. 21 - The Channel Trend looks like a Kentucky Long Rifle. The Price Action is still high in the Channel. Short term it looks like a pull back but longer term the indications are that the Bullish Trend will prevail.
The Bulls can celebrate as they continue to dominate the market since March. There are signs that their strength and momentum is wearing thin. At the same time this has been the conventional wisdom for some time and the Bull keep roaring back. Every time there has been a correction or pull back the Bulls have defended the market. We cannot discount what the market is telling us. As traders we have to deal with the cards that are dealt.
1 Day, 10 min. - Oct. 21 - We have been introduced to a new indicator called the PPS available from ThinkOrSwim on the TOS charts. As seen above there was a very clear "short" signal at a critical moment. The PPS is an indicator we need to keep an eye on.
20 Day, 2 Hour - Oct. 21 - This 20 day chart is very interesting. It demonstrates the bullish trend that is dominant over the last two weeks, but also shows the challenge to support within the channel. The "Monthly Pivot" has been breached. Will this lead to further decline or will the Bulls, as usual, come to the rescue?
1 Year, Weekly - Oct. 21 - The Channel Trend looks like a Kentucky Long Rifle. The Price Action is still high in the Channel. Short term it looks like a pull back but longer term the indications are that the Bullish Trend will prevail.
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