Energy Dissipates

Today was supposed to be downside continuation if the trading channel was to remain in effect.

It didn’t happen

As the downside energy appeared to dissipate during the session, short trade SOXS-26-14, was closed with profit at +15.14% (not advice, not a recommendation).

The blue arrow shows Force Index losing steam to the downside.

The magenta arrow shows price action pushing through the trading channel.

Of course, more selling can come in late Sunday and into the Monday open.

However, at this juncture, a retrace to 38%, (and gap-fill) seems more probable (not advice, not a recommendation).

Stay Tuned

Charts by StockCharts, TC2000

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