So finally a weekly close in red, right? 🙂 I welcome volatility..
First of all, let’s take a look at some price pattern action around market tops the last 3 years (weekly chart).
Usually market does not go straight down without any significant underlying changes to market conditions (war, important economical decisions etc.). With that said, I expect the next correction to be somewhat similar to the last three.
And a 1hour chart where clearly pro’s are taking short profits.
With that said, lets take a look at a 4 hour SPY chart. Notice the bearish volume and look at the start of the last “bigger correction”. It will be interesting to see how this week begins (and first daily close) but I’m smelling more down ahead, it could though take a couple of weeks for this to happen (hard or next to impossible to call market tops). I’ll try to follow the market close now each day, rebounds on weak internals is IMHO a good short try out.
