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A decent looking low on crypto was made a few days ago. On the bigger picture these are likely bull flags forming on BTCUSD (Bitcoin), and SOLUSD (Solana), and probably on ETHUSD (Ethereum) as well, though the setup is muddier there. All three are still below their daily middle bands though and, while that remains the case, we could still see lower lows before they likely go higher.
SOLUSD daily chart:
On Thursday last week I wrote a post looking at the possible four larger bear flags that could form on SPX, NDX, Dow & IWM after the sharp decline on Wednesday afternoon. Of those four, there are three decent looking larger bear flags that have since formed, and this morning we are watching the inflection point where these flags may break down into retests of the retracement lows made on Monday last week.
On SPX the obvious larger flag resistance trendline I drew on Thursday was hit perfectly on Friday and overthrown slightly today.
(more…)My post yesterday was close to the rally high so far and all the bear flags I showed broke down shortly afterwards and continued down the rest of the day.
Now on a break down from a bear flag the target is the retest of the prior low, but there are other options, notably when the flag that has broke down is just the first leg of a larger bear flag that is still forming, so I’ll talk about that today.
On SPX there was a strong break of the bear flag yesterday, 5min RSI 14 buy signals fixed near the lows on all of SPX, NDX, IWM and Dow, and played out this morning. A weak 5min RSI 14 sell signal has now fixed on SPX and it may be that the indices will turn back down here into the retest of Monday’s lows.
(more…)I was mentioning on Monday that the declines on DAX & Nikkei this week looked very interesting and I’ll show you why that was after I go through the short term setup on US equity indices.
I’m looking at those on the 5min charts today as the pattern setups are clearest there, and there is a strong common theme of bear flags forming on those charts.
First on SPX where the rally from Monday’s low has retraced a little under 50% of the decline, there is no obvious reversal pattern to take SPX higher, and the move so far looks very much like a bear flag is forming.
(more…)I’m leaving theartofchart.net today, my main base for almost nine years now, and setting up a new site at chartingthemarkets.substack.com though I seem to have unintentionally picked a really wild day to do that, so this is my second post today to cover the setup here on equity indices as well as my previous post today on crypto.
Why am I leaving theartofchart.net? Well many reasons really, but I’ve told a few people over the years that a collaboration between chartists might be reasonably compared to musicians forming a band. There comes a time when it is just time to move on, and I want to expand on my premarket videos and deepen my work and involvement with cryptos which it will now be easier to do.
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