đ¨ Chart Art Special: The Painter and the Whale
So what the hell is going to happen?!
This âyeetâ is about the intersection of Chart Art and Whale Flow. Weâve been refining these principles for years, and todayâs price action is the perfect case study.
Part 1 is below. Part 2âthe brand new 101 Whale Selectionâdrops tonight or very early tomorrow. Stay tuned.
đ¨Chart Art: The Tests
We just failed a major test. After passing test after after testâŚsheepishly. When I started writing this, $SPY was green; as I continued, the precise movement we anticipated began to unfold. What might look like âchopâ to the untrained eye is actually a technical, mechanical testing of upside levels to see if the path is clear.
đ đťThe 1-to-5 Sequence
Follow the price action over the last 48 hours to see exactly whatâs being tested. We covered levels 1 through 4 in Mondayâs Chart Art, but here is the roadmap:
Tested the Low: Establishing the floor.
Retested a Missed Backtest: Picking up the âleftoversâ from previous moves.
Downside Gap Entry Level: Initial resistance test.
Downside Gap Entry: Deepening the probe.
Tested ANOTHER Downside Gap Entry: The final check before the shift.
2ď¸âŁThe Two Big Clues
In this kind of environment, itâs hard to say exactly when things resolve, but the market just gave us two massive tells:
1. The Backtest Magnet
As we discussed recently, backtests and retests are critical. When they are left open, they act like a magnetâthe market will return to them eventually.
We saw a key rejection at the 6,852 level.
This leaves an âequalâ sign pointing directly to a missed backtest at 6,752.75. That is our likely next destination.
2. The Trendline Break
The first hint was in the action itself. Look at the 1h chart: when that support trendline breaks (as circled), the mechanical âtestingâ phase ends and the flush begins.
Whale Alerts: Enter âThe Orange Swanâ (Plus)
The technicals are showing heavy flow on equities via our catch-all screeners. This time, The Orange Swan is singing.