Initial forecast was correct. Middle channel trend line aligned with red supply zone although didn't really reject as hard as I was hoping. This leads me to believe sellers aren't as strong as they were and could be met with aggressive buyers(never short a dull market; seen chop the past 2 days)
Predicting it moves up to the next trendline then rejects around the 4250-70 area.
Cem mentioned 4250-4350 he'd hope to see in his TDameritrade interview last week. Timing also aligns with month end inventory distribution. Debt Ceiling talks could light a fuse to get it there quick.
The upper red shaded area is a higher time frame supply that has rejected hard before and also aligns with the trendline.
This is enough for me to take short if/when it gets there.
One indicator that this is looking probably is the demand zone around 4180's has already supported yesterday and todays sell offs.
Predicting it moves up to the next trendline then rejects around the 4250-70 area.
Cem mentioned 4250-4350 he'd hope to see in his TDameritrade interview last week. Timing also aligns with month end inventory distribution. Debt Ceiling talks could light a fuse to get it there quick.
The upper red shaded area is a higher time frame supply that has rejected hard before and also aligns with the trendline.
This is enough for me to take short if/when it gets there.
One indicator that this is looking probably is the demand zone around 4180's has already supported yesterday and todays sell offs.