Today's Inside Breakaway in Countertrend mode suggests the markets may attempt to move downward - away from the recent highs.
I believe the SPY/QQQ will move into a sideways/consolidation range over the next 3-5+ trading days before attempting to make any big moves. We have a holiday-shortened trading week next week, and I believe the markets are moving into the Summer doldrums.
Overall, I would ask traders to stay cautious of this transition in the markets over the next 5--10+ days and prepare for volatility to increase after June 1st.
You all know what I believe is the most likely outcome - a rollover topping pattern followed by a breakdown in price targeting the 525-535 level on the SPY. We'll see what happens going forward.
Gold and Silver pullback back overnight which suggests the metals markets were a bit overheated to the upside. I still believe Metals will continue to push higher.
BTCUSD is trading up above $111k. Here we go.
BTCUSD is moving up into the potential rejection level that I suggested in my 5-20 video as a MASSIVE WARNING setup.
This is where we'll see how BTCUSD plays out - if we continue to push higher or if we REJECT and move into a broad downtrend.
I didn't expect it to happen only TWO DAYS after my video - but here we are.
Time to get muddy and play what price puts in front of us.
Get some.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #gold #nq #investing #trading #spytrading #spymarket #tradingmarket #stockmarket #silver
I believe the SPY/QQQ will move into a sideways/consolidation range over the next 3-5+ trading days before attempting to make any big moves. We have a holiday-shortened trading week next week, and I believe the markets are moving into the Summer doldrums.
Overall, I would ask traders to stay cautious of this transition in the markets over the next 5--10+ days and prepare for volatility to increase after June 1st.
You all know what I believe is the most likely outcome - a rollover topping pattern followed by a breakdown in price targeting the 525-535 level on the SPY. We'll see what happens going forward.
Gold and Silver pullback back overnight which suggests the metals markets were a bit overheated to the upside. I still believe Metals will continue to push higher.
BTCUSD is trading up above $111k. Here we go.
BTCUSD is moving up into the potential rejection level that I suggested in my 5-20 video as a MASSIVE WARNING setup.
This is where we'll see how BTCUSD plays out - if we continue to push higher or if we REJECT and move into a broad downtrend.
I didn't expect it to happen only TWO DAYS after my video - but here we are.
Time to get muddy and play what price puts in front of us.
Get some.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #gold #nq #investing #trading #spytrading #spymarket #tradingmarket #stockmarket #silver
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Disclaimer
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.