BULLISH DESCENDING WEDGE PATTERN NEAR COMPLETION?
Updated
In a broadening wedge a descending megaphone pattern is characterized by five reversals, up-down-up-down-up, each swing is wider but price is constrained within the wedge pattern, without break below lower TL. The finishing move is a crushing bearish move to the lower TL.
Price came down to 200 DMA. Will it hold? Wayyy Oversold! The pattern is a bullish reversal continuation, and implies further price advance by measured move equal to the extent of decline, added to the upper TL at breakout point.
Went off -230, add +230 to breakout price, estimating upper TL at 4610, yields target price 4840 in December.
Amazing things been happening here, remember, just over a month ago price was 4300! Heeeere we goooo agaaaain!!
This is definitely not advice, invest and trade at your own risk, >DYODD< GLTA!!
TEXT REFERENCE WITH DIAGRAMS:
centralcharts.com/en/gm/1-learn/7-technical-analysis/27-chart-patterns/504-descending-broadening-wedge
Image for price projection:
centralcharts.com/medias/guidesdesc/fiches/images/resized/descending_broadening_wedge_2 (1).png
Price came down to 200 DMA. Will it hold? Wayyy Oversold! The pattern is a bullish reversal continuation, and implies further price advance by measured move equal to the extent of decline, added to the upper TL at breakout point.
Went off -230, add +230 to breakout price, estimating upper TL at 4610, yields target price 4840 in December.
Amazing things been happening here, remember, just over a month ago price was 4300! Heeeere we goooo agaaaain!!
This is definitely not advice, invest and trade at your own risk, >DYODD< GLTA!!
TEXT REFERENCE WITH DIAGRAMS:
centralcharts.com/en/gm/1-learn/7-technical-analysis/27-chart-patterns/504-descending-broadening-wedge
Image for price projection:
centralcharts.com/medias/guidesdesc/fiches/images/resized/descending_broadening_wedge_2 (1).png
Trade active
Flipping calls in the open, feels like a 4th wave IMO, let's see...Comment
Looks and feels like there might be another leg down. The rally sold pdq in early am, see if they can lift it any higher, has been alternating up/down days and Thursday's up is weak, eh.If MMs risk-off Friday could see the low there IMO
Comment
Flipped QQQ puts again. Small positions, 15 contracts. Waiting to see what it really does, the rally was another fakeout imoComment
There will be a Tremendous, Fantastic Opportunity soon IMO, the trick is to get there with your cash intact FGS! Be carefull peeps!!Comment
Flipped qqq 385, 386 calls for 1k. Real dicey!Trade active
Rolled calls into puts at 386 strike and flipped those as well. Choppy!Comment
Wild swings today +140 > -110 > +100, up, down, up... another down now? RiskyyyyComment
DJI forms a bearish rising wedge, breakdown imminent IMO. Got 4/5 Elliott waves in the 4h over past 3 days, impulsive, expect lower soon IMO. No positions atm.Comment
Same pattern appears in SPY; NQ less apparent, choppy. Would not long this just yet IMO one more fell swoop remains. Could be mistaken, let's see...Comment
Flipped a few puts and got lucky on "2nd case of Omicron!" LOL. In cash, waiting...Comment
Yeah it's getting Bullish again. Correction just about done IMO. This whole ragged move was 4th wave in bullish progression IMOComment
Be real careful here about getting long, Friday can still hold a big surprise IMO. better to watch & wait for confirms.Comment
Look for another sell with a higher low to signal long entry IMO; inverted H&S will signal to buy, as we saw in OctoberComment
Touching upper channel TL...Comment
Looks like 4500 holds...Comment
Omicron in 12 states now don't be surprised if we get another dip Mon AM... ofc i bought calls, lol. SPY Bull spread, only ten, won't hurt too much I hope!Comment
Surprise! Calls win after all... closing in the open, expect to fade the gap, within a few minutes or hours IMO... pure guesswork atmComment
Trades right at upper channel TL, expect downturn, possibly a higher low? Stay tuned...Comment
Well, gosh, fortunately no positions on that monster gap. Who knew?! Typically price retraces to the breakout point then bulls higher. That would set back to ~4612, HOTD Monday, also the upper TL of down channel.BUT, a Monster initiation gap like this often won't close for some time...
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