Seems as if overall the Pennant
is holding and with new support levels to be printed in less than a day unless a break out to the upside happens beforehand, the weekly pivot
I believe will come down to lower levels than this current week. Tomorrow being monday, and any possible non-retail traders involved (and bots) may see this as a weakening market and start to sell to reduce risk. I still believe a down turn before a break up is more likely than not 5600-5700 to be followed by a sharp upturn. 4H Stoch
is getting rather high again, however the 1D is rather low. The 12H appears to be bouncing at the time of this write-up off the 20 showing potential Upwards sloping H&S
. Yes, I realize H&S
is a candle pattern however sometimes these infact do also show up on indicators, and I'de like to entertain that idea as a possibility. 12H BB's are squeezing rather tight now with this current 12H candle with a solid bottom right on the 12H MA. Tight stops when entering this are recomended, if infact there is a drop & pop tonight & into tomorrow to reset some of the lower Time frame indicators. Big moves usually come when everything is well in alignment.
I have added some date ranges (24 Days & 11 days) Altho this may not be a great tool to use alone, it can give some insight as to if & when a move may tend to happen.
March 5 - 29th : Sizeable move, indicators roasted, profit taken
Mar 29- Apr
10: Cool down period retest support levels / accumulate / indicator resets
As always, this is just an idea, I'm no pro, nor any market maker. Trade your OWN account.