The 5% pull back is playing out. We had the heavy selling after the O/N Pump/Dump into the selling of the Reg Session and Outside Day Reversal. Up for weeks and down in hours. Next break down will have to be the failure of the long standing Friday into Monday Long Play. We did get the reg session selling and now O/N selling. Looking for the trifecta and failed F-M move. Long Trap is active. Just watch the timely Tweets and Tricks at KL's.
Note
O/N sessionNote
Yellow arrow is week range that was posted on 7/29, the lower range is 400 points lower from here should this play out.Note
Chatter is starting regarding the break down of Tariff deals, Black Swan warning should chitter chatter get louder. Note
Couple more targets to the left and then Major Air Pocket (Circle). Now a chatter regarding Powell and rates from Washington Street Hedge Fund Manager, buckle up.Note
Should markets correct here 5-10%, the blame will be on the Fed and the Drama will really start (Tweets, Media, etc.) and the selling will increase as the previous buyers will play into the hands of the of the Pro's. It will be hard to stop the selling momentum here should these actions actually play out. Note
The Range charts are great with eliminating noise in PA. Notice the circle and all the narrow (low transaction days) buy days. Notice the width of previous day and a half (selling shows up). This will usually indicate a direction change or confirmation. Notice 1st yellow arrow and then 2nd yellow arrow. Note
Unless we see a miracle dump/pump at the Open Drive, this one may be a 1 way train ride lower. Again, we need to see a break in the F-M Long Play move today.Note
KL 22,987 is 1st test, reaction is what to watch here.Trade closed manually
Chitter Chatter is not good for Bunker today, look for the drop and then spiral of Washington Street Asset Management. I am out for the balance, travel day. Until Monday, have a great weekend. Note
Classic Long Trap can be seen here on NDX Chart. 1st arrow is Lock in and 2nd is trapped lower.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.