28/06 Week, page-167

Before I start, I'm no definitely no expert
So take my comments with a grain of salt (just a phrase, no salt is actually needed)

The setup I'm referring to is when the US markets spend a lot of time selling but markets don't fall
After enough people sell, it gives markets enough room to go higher without being oversold
My indicators are showing there is room to go higher still & also room to fall back down
I've referred to this as a slingshot (when it actually does take off)

Yes, bumper means bullish

I usually see a 200 point range on the xjo (mentioned this plenty of times before)
We had highs of almost 7410 & after the fall last week it got to 7215 (almost 200 points) before it bounced back

Yesterday it only got to 7240
So if that is our new low adding 200 points gives us 7440 as the new high

However we have a gap below at 7300
If that doesn't close we will close that in a few weeks which makes our new high potentially 7500 before dropping 200 points to close this gap

Those lines I draw are guidelines & not what I use to execute my trades but there is only so much range markets can move in either direction before we see a pullback or reversal

If pivot points are too difficult or slow to calculate you can use ema to work out what to trade from

My data is updated daily & that's what I focus on each day
I don't get too far ahead of myself

Today I will see if backtests fail & if bulls can actually hold these gains before worrying about how high it can go

We are currently seeing resistance at 7370
I need to analyse the dips & how much buying/selling is taking place
If the dips bounce off the ema that's still bullish & I'd close my short & try higher

Trading above the ema or pivot point is bullish
Trading below is bearish

I also have other indicators that I've posted before but I think this post is long enough for now

Sorry everyone