PNV - Chart, page-19430

Unfortunately, the fun is over (for now)
Short squeeze is over
Back to normal trading conditions
Bulls haven't given up yet but the bears have already begun their attacks

There is still a chance markets go back to the same highs this week before the next flush by the end of the week
PNV can still get back to 2.67/2.69 to wipe out all the early bears before the flush
We can still bounce back next week with a strong end to the month
But we have to look at support today & the rest of the week

Last chance to avoid a downtrend is for the xjo to close above 7985 today (that's very unlikely as once Australians see red, they panic)

XJO bounces off 7945 today & gets back to 7985 before selling again & it'll slowly grind (bounce) its way down to 7885 by the end of the week
I do have a chart for that but that's more complicated than the pnv chart (so not posting it)
Haha
That's our best case scenario for a flush
A controlled descent without a panic

The other option is a panic sets in & it's a straight flush to 7800 before bouncing back for new highs again

Both those options & bulls remain in control with an uptrend & bear trap in the process

The last option is markets turn to shit again & we do a complete reset & start all over again

In terms of PNV I had the yellow line as the path I wanted to finish the month so we can push higher in september
Have PNV close above 2.50
It's unlikely we can hold the yellow line today (but we can still recover it if we don't lose the red line)
If we lose the yellow line but stay close, we can still recover next week

The purple, green & blue arrows are the support lines if markets turn sour again
But i'll worry about those if markets do turn sour

Market conditions are still strong so I expect markets to continue to recover next week
We just need to get through option expiry without losing support channels

I still can't believe PNV bears never got punished for being wrong so many times
That was disappointing