I'm probably the only bearish person left in this market but from a Harmonics standpoint this is probably the last stand
There is a monthly bearish crab pattern with extreme projections of 2.618% and 3.618% with a seriously high RSI reading of 84 which suggests to me that this market is overbought and likely to correct lower, if this month has a small indecision bar or small bearish monthly close this will offer a potentially low risk high reward trade to the downside
I will be planning to short and scouring lower timeframes for decent entries as well as looking at the other US indices which are also likely to have similar bearish clues
There is a monthly bearish crab pattern with extreme projections of 2.618% and 3.618% with a seriously high RSI reading of 84 which suggests to me that this market is overbought and likely to correct lower, if this month has a small indecision bar or small bearish monthly close this will offer a potentially low risk high reward trade to the downside
I will be planning to short and scouring lower timeframes for decent entries as well as looking at the other US indices which are also likely to have similar bearish clues
Commento:
Probably best not to call this a bearish crab, purists will get upset - lets call this a Fibonacci cluster level instead - with very deep projections... just in case