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
Weaknesses continue as expected. First try testing Y-0 failed leading to new low for the week. The w. spring type action still fail to take the pair to ...
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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