NYMO Potential Price Channel Heads Into Critical Decision Wave

Published 10/27/2015, 12:41 AM
Updated 07/09/2023, 06:31 AM

NYMO Daily Chart

NYMO Potential Price Channel (Blue) would be Heading Into its Critical Decision Wave

NYMO has formed a potential price channel (blue on chart) right as it approaches VWAP of the latest megaphone on its chart (red).

The blue price channel needs a lower channel low to confirm. If it puts in the lower low, it will be in the channel’s critical decision wave where it either starts a bottom (purple scenario) or sets up a breakout downwards into a melt-down.

A melt-down to the megaphone bottom would target -100. A NYMO close below -100 is a set-up for a lower price low in the market.

Bloomberg.com’s market breadth chart (below, via zerohedge.com) has also just put in a legal breakout from a topping megaphone (red).

S&P 500 Chart

Bloomberg Market Breadth has Put In a Legal Breakout from a Topping Megaphone

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