MCP Update

As you can probably tell by now with that VERY clear MCP triangle, it is becoming a prime candidate for a head fake move, perhaps even a Crazy Ivan (2- head fake moves to clear stops and orders on both sides of the triangle).

Right now the 1 min chart that has been down all day (however the 2 min has been in line-suggesting clearly that the 1 min was all about creating this triangle consolidation), but is starting to move up, it's not bullish as of now, but improving.

This could certainly be a "tell" before a head fake move. The only reason this would matter in my view is for leveraged option positions or getting the very best tactical entry if you have time to watch the market like that. Otherwise as far as the trend in the days and possibly weeks ahead, I see no reason MCP won't head higher.

If we get a breakout/breakdown from the triangle which we will have to get soon as the apex of the triangle is now so narrow, I'll check them right away to see if they are head fake move/moves and what the probabilities are for a leveraged position, where and when.