US 30 Banging on Ceiling; Rejection from Upper TL Boundary
Updated
Look under the twin arrows at the Doji how they pierce TL then reject- four times now.
In downtrend along upper edge of triangle pennant; flagpole bottom half ~ equal to upper in these patterns.
Just an idea; trade at your own risk; GLTA!
In downtrend along upper edge of triangle pennant; flagpole bottom half ~ equal to upper in these patterns.
Just an idea; trade at your own risk; GLTA!
Note
A real possibility exists for a strong bounce from Friday's selloff. Pivot came at TL defined by 8-10 Oct lows. Need confirmation on Monday's candle.Note
On Friday internals were surprisingly firm with Advancers > Decliners. No capitulation in sight!Note
IMO good chance of a bounce Monday to a .62 Fib retrace as it did on 8/9 October before test of lower TL; expect R at 26900.Typically selloff waves will proceed in impulsive manner; if Friday was (1) might see a bullish (2) Mon/Tues then (3) of .
I expect it may very likely rise to retest breakdown point, and then sell in earnest. After sell to bottom Tl, if it holds near 26480, will be terrific buy IMO.
Undertone is Bullish, my gut tells me we did not yet see ATH for 2019 yet... but I've been wrong twice before! Ty for post, GLTA!
Note
Here's the bounce. I'm reluctant to short this, as enticing as it seems, for I see real strength in RUT and DJT today. Up 2% in IWM. Ain't you glad we covered those shorts Fri PM?!Trade active
Look how it hugs that line! I shorted and shorted again... and again! Damn the torpedoes, full speed ahead!Weds FOMC likely catalyst to break. Econo reports this week and jobs on Friday... let the distribution begin!
I'm in SPXS, TECS, puts on IWM, QQQ, SPY + DIA. Even bought calls on UVXY... those got weak Friday lol! Holding it, add on Monday if we see 3030!
Note
Technicals gauge on TV has moved to Strong Buy; every time that happens it throws over!Trade active
Added to positions and rolled up short contracts. Madness; greed gauge is pegged!Trade active
Retested the mid-October highs leaving a lower double top. Fake breakout IMO. Added again; holding on to shorts. FOMC will decide direction at 2PM Weds.Note
27100 has been tested resistance in six sessions now since 20 Sep.Trade closed manually
Looks like it could really break out; R/R is poor for shorts now; Action after the FED action is bullish. Might reverse but R/R is poor; stopped out and preserved a nice gain!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.