Another day, another breakout...
As mentioned in the previous 'Xi what I did there...' (see attached ideas) we got the wedge breakout at 3009.xx and we have our first sign of the highs in US Equities ahead of a very important FED. This is typically a sign of a trend running out of steam, the initial target for this breakdown is the 2911 (38.2% retracement) of the leg since June 2019. If the market breaks below here we are going to unlock the 2711 lows in a matter of days as confidence will drastically change.
For now the main target remains 2911, it is in play as early as the monthly close. The congestion here may put us in chop for the summer till we clear the doldrums before a massive break in September. For now the sensible approach is to track for signs of any base forming in that 2911 area, and if that barrier is taken we can expect more meaningful selloffs.
Well done those riding this since the highs we called live here in Tradingview and the chatroom.
For now the main target remains 2911, it is in play as early as the monthly close. The congestion here may put us in chop for the summer till we clear the doldrums before a massive break in September. For now the sensible approach is to track for signs of any base forming in that 2911 area, and if that barrier is taken we can expect more meaningful selloffs.
Well done those riding this since the highs we called live here in Tradingview and the chatroom.
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