SPCE - Bearish Scythe
Updated
I see these patterns on lower time frames (5m charts mostly -- thanks algo's). I've never quantified the pattern but they seem to be a distant cousin of the cup & handle. Usually you spot a bunch of other patterns that break down PRIOR to spotting the scythe shape becoming crystal clear, but I've yet to see one of these things fail. If you spot the scythe at highs (short), if at lows (go long). Again I've only seen these patterns work GREAT on 5-m charts, so it'll be interesting to see if this plays out, but I basically treat it as a modified cup & handle to create my price targets. I am not personally shorting SPCE, and I have no plans to. Target $32.
Comment
If we follow the scythe pattern, this is approximately the point when price falls HARD & FAST.Comment
So the scythe pattern would normally predict a CASCADE breakdown (vomit really). Although the results of this test may be deemed accurate as far as target being reached (I know, dollar short, but I only cycle through old posts every now and then), I can't yet advice using this pattern for long-term charts. At least, not the way it was intended. Poor SPCE. So much promise.
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.