Day trading course bearish wedge or a descending wedge on the 240 min chart.

day trading course 240 min

This move down has quite a few bulls worried as we are about to test a major support.

Point of Control is 1276.50 with support at 1270.25 and then a bearish trendline support at 1260.  This is also a longer term bullish trend line support, and as seen last month a critical support for the move.

This is a descending wedge on a decreasing volume pattern, normally we would look for a turn from 1260.

If we have a sell off and capitulation, which could take a week then the head fake will be to 1232 and an extreme low of 1208.75 on the new contract.

Once we break under he 12701 mark there is not much support here.  Watch out for increased volatility and the thinning out on the trading platform.  We are having a three day, day trading course in Calgary. Join us.  It will change your trading perspective to take profit out of the market.