I was very tempted by the failed double-bottom, but it didn’t seem far enough down…
However, 5 waves down on the 10min chart seems to have called a short term bottom (‘waves’ - a new discovery for me and I’m all excited about it……. !)
Long from 528 – I don’t like this indecisive market phase and I’m not sure how far this is going to get – hoping for 38.2/50% fib retracement or will we see another ‘round trip’? (I’ll be very surprised!) - might have to pull for break-even.
I think this choppiness could go on for on for some time while the market prices in the surprises and disappointments of the earnings season… .
Oh Dear. It looks like the bull recovery was very short lived. I'll take a stab at a new down channel.... Looks like a clear retest and failure of the upchannel support. RSI divergence delivered in two days. PD across the bottom may force some upside tomorrow and maybe this is just a correction. The last two PD bottoms have delivered on the next day....
Is this a sign of a bull driven market?- The ND tops taking much longer to deliver than the PD bottoms?
Bad call on the RS Switch cost me some points I completely missed the "W" that failed to deliver. Eventually it did come good, along with the PD bottom. Did someone mention today might be a bad day?
If you don't understand the new shorthand...
DC down channel
UC = up channel.
ND Negative divergence
PD Positive Divergence