Cup & Handle Breakout: Bullish Measured Move

Updated

Price target 4575 based on extension from bottom of cup to rim.

Breakout above rim is bullish and high probability of further extension.

Bottom of cup 4330 to rim 4455 = +125, target ~4575.
Move can come fast. Shorts beware.

NB: Chart patterns are often DECEPTIVE and MISLEADING. DYODD!

A pullback to fill the open gap is very likely. Closing the gap may spark further rally towards target price.

FOMC rate hike next week could be catalyst to crush this rally, risk is high for all positions!

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C & H pattern has claims of 95% predictive accuracy. Not sure about that but makes you think twice about shorting it. The large open gap may be exhaustion.
investopedia.com/terms/c/cupandhandle.asp
liberatedstocktrader.com/cup-and-handle-pattern/

Trade active

Yeahh how about dat?!

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This is the part where retail, encouraged to btfd, will mortgage their homes, borrow on credit and buy the top

Trade closed manually

ES futes reached 4560. SPX got 4530. Starts to look real fadish and weak. Could get higher ofc.

scaling in bear shares now in 1800 etf shares. If it squeaks a notch higher add 200 more. glta

Trade active

Yeah shorted that am rally and banked it. looks WEAK AF. Not holding poots on weekend, Monday probly swing short entry. Added few inverse etfs.

FOMC next week will tank this, they gonna hike and expect another in September, which will finally crack it.

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Looks like we got a shooting star forming in NQ, SPX

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Bubble pop incoming...

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Yeah not closing this idea just yet although it sure looks like 4527 was a top. ES futes nearly hit target.

Can still surprise and I expect another attempt Monday.

Trade active

Toldya da bulls gonna try again Monday, lol. So tedious and painfull watching the price crawl across the top of the chart in agonizing slow-mo. Resting for a moment.

Closed some call hedges on bear shares.

JPowell Tankathon starting soon...

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Another green monster candle. One more touch to hit target.

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Filled in the chart

Trade closed: target reached

Yeah perfect fill! Going short now...

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Be cautious. Every major top has been a DOUBLE TOP.

Totally expect the bulltards to BTFD and run it back up.

Holding few bear shares hedged with covered calls.

Trade active

Closed everything in the money. The expected bounce came, see if retail BTFD Monday.

FOMC Weds 7/26; 7/27 could be another bloody Thursday.

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double top

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Astonishing exuberance. Would not be long here, R/R very poor imo.

When it cracks will be stupendous.

DaddySawbucks

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