Recap Gapped above Y+1 to start the week but failed to hold above. As a result, a quick rush down to Y-0 and in turn opened the door to Y-1. Closed the week near Y-1 and week low.
Outlook Outside down week following trend buy week is bearish. Two outcomes are likely.
First, consolidation around B-1 at 50% range.
Second, an uncontrollable selloff straight down to at least B-2. Since it is uncontrollable, it must start by a surprise thus also very difficult to capture on swing basis.
Lawrence's Comment
Recap
Y-1 support gave us test of Y-0 and above resistance. Failed to hold above Y-0 gave us retest of Y-1 and a break down to Y-2. Closed the week ...
Dow 30 Jun 16 to Jun 20 Outlook
Lawrence’s Comment
Gapped above Y+1 to start the week but failed to hold above. As a result, a quick rush down to Y-0 and in turn opened the door to Y-1. Closed the week near Y-1 and week low.
Outlook
Outside down week following trend buy week is bearish. Two outcomes are likely.
First, consolidation around B-1 at 50% range.
Second, an uncontrollable selloff straight down to at least B-2. Since it is uncontrollable, it must start by a surprise thus also very difficult to capture on swing basis.
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