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Mini-Russell Anchor Chart Prep:
We can see
the bearish price-channel along with the bearish price-wedge defined with trend
lines from the swing-lows and the swing-highs.
We can also see the trigger-zone resistance above us at 810.0 and 813.0
along with the trend line resistance which is right in the middle of those two.
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| Mini-Russell Anchor Chart Prep |
price rises higher today? As price rises
im selling the resistance overhead as there is very little opportunity for the high-percentage-trades
to be LONG or buying into this resistance.
The goal as price rises is to stay patient and wait to sell at the major
resistance overhead. If we do get above
the 813.0 lows of the trigger-zone resistance we can indeed begin to look for
buying opportunities however please remember to consider a fake-out-breakout first
and then use the wave-pattern-long to get into the long side. Final profit-target for the buyers above
813.0 will be the 825.0 area at the highs of the trigger-zone range.
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| Mini-Russell Anchor Chart Prep |
trades sideways we need to sit-on-hands because it’s a Monday after a holiday
and most of the traders are taking their time getting into the market
today. We want new higher-highs or lower-lows
to spark some market personality and then we can make a better-educated trading
decision.
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| Mini-Russell Anchor Chart Prep |
If price trades
lower we will use the resistance from the price-channel and the PHOD as a sign
of the buyers failing to make the move higher.
We will sell short using a wave-pattern-short with new lower-lows and
take profit at the trigger-zone and short term bull price-channel support below
us at the 801.0 just above the lows of the trigger-zone and the short term trigger-zone
support. The final profit-target for the
short trades today is the PLOD at 794.4 and then if we get new lower-lows below
the PLOD we are back to selling short again, this time a profit-target at the
next major support at 788.2.
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| Mini-Russell Anchor Chart Prep |
