ZT: from Al Brooks.
1 y = bear SC into the C and channel = bull flag. BO into C and this is BP B with bull bar. ?LOD
2 bear RB but did not touch ma and not as strong as 1 so not good S. still on 1 B but ok to exit and look to B again
3 almost outside up HL. Should get 2nd leg up, maybe leg 1 = leg 2
6 bull BO and big bar so prob ail
7 small FT so ail. Don’t s L2 since Brs below. Mm tgt above and also test of top of Y’s bear channel is above
11 iii but more up likely so bad L2. Brs below
14 2 strong bull TBs but if TR day, this could be top. 3rd push up so bears are scaling into shorts. Most traders would like to see 3rd push up today based on 6 BO spike but odds favor this being a large 2 legged bear rally and if enough bears believe that is the case, the mkt will start to turn down here
17 close to top of channel so better to not B below bars and definitely dont B above bars. Bears are Sg above bars and scaling in
20 risky S on ioi after 3 pushes up
21 strong bear bar so prob ais
22 1t bear body but still is slight FT so most traders think weak ais. Bulls will try for HSB bull flad where 64 Y was L shoulder. Bears want this rally to be 2 legged bear rally and then new LOD
25 ttr so wait even tho ais
32 L2 at ma and bear bar so ok S but better to wait
36 now tri below ma and bear SB so prob ok s. bears have slightly better argument than the bulls
38 good FT
41 strong bear spike but SX so should bounce soon. Might be S vacuum where strong bulls stepped aside because they believed mkt was going to go below the LOY. With that belief, it does not make sense for them to B until it happens and their absence allows the mkt to fall quickly. Once they believe it will not fall more for a while, they appear out of nowhere
42 bull IB but not good B after strong bear spike. if tr day, this could be LOD but better to look to S rally
44 bull IB so more Bg pressure. Still down mo and ais so better to S rally
49 bear rb but small compared to 48 bull bar. Also, missed TL by 2t so better to wait
54 bull tb but might be B vacuum on test of 34 BO and of 40 bear spike. Bear might have stepped aside while waiting to mkt to get within a couple ticks of BO point
55 MAG but bull channel so better to wait.
58 doji ib BP from BO of bear channel but risky since ttr for over an hour
59 strong EB
60 strong FT so traders Sg Cs
61 big tail so should still be ok to S C but prob the final time before a tr
62 bad L1 since Sx
63 bad HL since should still trade down based on 61 C
64 L2 but BW so risky and might become ff
66 ff, 3 pushes down on the day 1 40, and C above middle but better to wait for Hl since down mo. 3rd push down on day so should rally for at least 2 legs and 10 bars
67 good EB
68 bad L1 and DT since should have 2 legs up. TL magnets above
71 good BO above DT so ail will likely flip to up for many traders. Others will wait to see if good FT. most flips lately have had bad FT so this should to. Might even have bear rb and attempt at f BO. A Fd DT BO is a W bear flag since the DT is 2 pushes up and the BO is the 3rd
72 bear rb, fBO but should f and set up BP B so Brs below. Don’t S
73 big tail doji forcing traders to B at top of leg after bear RB so risky B
75 2BR, W bear flag, bear IB but steep so risky S. however, at a min, should exit any longs. Also 18t above 66 so 4 pt longs exiting, and 5t f |