wedge forming on 4hr chart. Something gotta give soon.
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Dislikedwedge forming on 4hr chart. Something gotta give soon.Ignored
DislikedI would suggest more like a triple bottom or an inverted H&S with a bull flag at the end of the price chart - should go up to 232 soonIgnored
DislikedJust drawing simple lines at S&R this thing is most likely heading down. With the dow getting its teeth kicked in this will probably head down to retest the lows during Asia or London. Cable and Euro need some sort of retrace also. 224 area is very strong support, so look for another bounce up from there.
I'll be taking a small short after triple interest is paid in about 30 minutes.
Stop at 229.00 TP at 224.80Ignored
DislikedI've had a look at the 224 level in greater detail and I can see that it has some historical significance. It seems that price prefers to sit on the 224 level and then occasionally dip below to bounce off 221/220. Also, it goes up to about the low/mid 228 area before bouncing back.
So at the moment we may be ranging between these levels (and perhaps for a long time to come!). It's similar to what we are seeing now but it has lasted a year in the past. Due to the interest differential, I'm still aiming to reverse long and hold at 221/220.Ignored