What's going on guys welcome back to the channel appreciate you guys tuning in if you've been watching for the past couple days, then you guys know the past two calls on the market have been wrong. We've been trying to go to these wicks, or at least that's kind of what that recommendation has been. The market has not achieved those prices, though. We've attempted a little bit right.

The first day that that wick was put in on the nasdaq this chart here is the nasdaq when this wick was put in, we push pretty strong out of the gates and then still got knocked down the following day. We kind of made some higher lows going up and couldn't really get through and now today we're up again so again, whether or not we can break this previous price action level, which in reality is really the sp why's uh six month trend, that's really what's causing Resistance uh - if we can get through that, then arguably these price targets will be met today. Okay, yesterday we recommended watching up the spy and the nasdaq towards the 309 to 411 price, see if we would get that mother candle target to be achieved didn't happen yesterday. I forgot to mention: we actually got a ghostwick mother candle down to the price of 297.

Yesterday, you can see the price went to 297., so the rule of thumb that you guys should have whenever i'm discussing these wicks or you see them on the chart - know that they're a price point that generally tries to get achieved within a close period of time Or a short period of time, either the same day or days afterwards. Okay, so today we have a lot of economic uh numbers coming out for cpi inflation. Okay, so right here, uh wednesday, 8. 30 a.m.

8. 30 a.m. Here here here, consumer price index, core cpi, cpi year over year course epi year over year. So a lot of important numbers coming out today regarding inflation, the rumor, slash consensus that a lot of traders are going with is that they believe if the numbers aren't too bad, we can see this market move higher.

Okay, that's a possibility all right. Maybe it does the chart in itself via the mother. Candle is also saying we could go down to the price of 300 today or tomorrow, or the next day, et cetera, all right. So we have like two opposing arguments right now, one of which is a mother candle on the nasdaq that has not been touched and another candle in the spy that has not been touched, while today simultaneously getting another mother candle, but in the opposite direction.

To the downside, okay, so we have cpi numbers coming out that today alone is a catalyst right. If that catalyst is used positively, then yeah, arguably maybe we tagged the 309s 411s on the spine and the nasa, if numbers aren't so good or whether they are decent and market wants to go down. We probably look towards the 300 okay. So, for me, oh - and there well looks like we're going to 300.

okay. Well, there you go and there you have it and lower fantastic all right. Well, that being said, this is good a lot of times. You guys, you don't get to see volatility into my videos, so look at where the market just went right.

So this is your current support right here. That's your current support zone, those two blue lines. Okay, this would have been your first kind of little dip level that you'd watch for a breakdown, but it just happened so fast and we went straight through it right. So if we zoom in all right, if we add lines here like this and one like this, this bounce should go up to that blue line right.

So i'm trying to catch us all in real time, but it's moving fast ready. So, oh alright, it happened and you couldn't even so here's the deal is if this bottom blue level holds and we sustain and we create a little pullback in between you - would expect that this pullback here would go back up to that blue line and then get Sold back down right that, that's generally, what would happen so we'll see if we sustain here and then, if we don't i'll talk to you about the next game plan, which would pretty much be these next level down. So, ideally, if the market today does not get acceptance back above so let me get back to my drawing tool. So if the market does not get acceptance back above, i want that to be yellow yeah.

If we don't get acceptance back over these levels, which we're probably not going to get back over that one yeah, if we don't get acceptance over this blue, you can expect the market probably is going to try to trend out to that blue line. Okay. So if you look left to yesterday, this was one of the key. The key demand spot so pretty much like like here to arguably there okay, so this is probably a safe zone spot.

You can see, let me zoom in so from yesterday. This is where the market kind of bottomed, and then we broke up so this was the most recent like buy zone with a lot of buying volume before the market ripped so going forward into today. We just broke below statistical probabilities. So, therefore, if the market can't sustain over them, then that's going to be a lower high off them.

So, like yesterday, see how you break over you hold and it pushes over today we go under hold below. That would be the target of the next drop to that blue line. Okay, so you can see uh yesterday. Here is where we had demand we're in this area right so pretty much.

This is kind of a safe way of saying it's like. If the market goes below this, then you would most likely see it sell out to there, but i'm trying to be a little bit more proactive and earlier. So that means that if the markets can't get back over this blue level in sustaining, then this would be a lower high for a trend break maybe later to there. Okay, so remember what i was saying is that this is kind of where the support is these blue lines, and when i say support, i mean this is just where you're going to see buyers most likely step in on that downward spike move right.

So if you're trying to say like where is it going to bottom, where is it going to bottom? Where is it going to bottom? You wouldn't even consider it to be a bottom or like a potential bounce or a pullback until it at least hits your statistical probability levels. Okay. So this is fun because the market is uh. You know sorry, the market is uh volatile right now.

So it's kind of interesting so, like we're saying, is something that's common is you would get a bounce back to that blue line? So i just put a red line there, so you could see where it is because it's not totally running left based on the way. This code works, but let's just make it blue so remember what i'm saying is that you should bounce back to that blue line, so you've done that okay, so that is like also a trade that i'll take sometimes is like a scalp trade or a long trade. When we go in between two of these levels, where i know that if we hold support like on the bottom one, then the counter trend bounce would be back to the previous one as a retest of the breakdown. So like, then, you could go short there, so that that is a play that i'll do sometimes now not that i don't.

I don't think this is going to happen, but i'll talk a little further in case it does sometimes some crazy things happen like this. But oh, i didn't even recognize this one right here, uh to be honest, so we have a trend in play right here and obviously counter trend bounce back to the most previous breakdown. So here's the other thing is that to me these statistical probabilities when they break that's a breakdown right, so we broke down. So when you see it bouncing up off that down move if it bounced into these levels.

That's a lot of times where i would add a short right because that's a breakdown and that's a retest of the breakdown. Arguably, what just happened here where the market broke down, went to the bottom. Blue bounce back up, retest add shorts, so you have to try and continue, and if it can't, then you know where to cover right. Your cover would be over this, so your stop out would be over the blue line because that's the most recent statistical probability line.

Okay and then the reason you would stop out over that is because, arguably the bounce then right this breakout move. If you stopped out here, this breakout would go up as far as the next statistical probability, which in this case is provided by the nasdaq, which would be up to three uh, sorry, which would be up to 302 up to there. So, in the event the blue somehow broke out to the upside, which i don't think it will, because we just went down um. The risk factor would be over that blue.

The nasdaq would be targeting the green right. So now, um yeah, that's cool. Let me delete these little drawings and we'll finish up this video and get you guys on your way, so uh, the first bearish move of the day. Pretty much happened.

Um but, like i said to me at this point, depending on how this day goes: um. Here's the deal unless the market is back above and holding over i'll, just say this price. It makes it easier holding over this price. You're not bullish today at all so just trade, everything bearish unless you were actually maintaining over this right and so um - also expect that maybe the market retraces to here and then you go short off that that's a play, um.

Otherwise, what i think we'll end up seeing happening is this demand takes out. We stay below the blue levels lines i mix levels and lines and then we're going to trend down to 392 today, eventually, finding our way down to a price of 364 dollars on the spy and then i believe, when we get to 364 dollars, there's gon na Be a dead cat bounce in the market uh and that diet cap bounds in the market will be um, it'll be volatile, it will be awesome, it will be a big big rally and i think people will think that the bottom is finally in and then we're Going to go into a longer term bear market all right. Everybody take care and i'll see you in the next one.