Short

Updated

Video Analysis 15min Bear Flag on $spy

2 bear flags spotted both by the AD and Price action. The price action (bear flag) has an apex forming near the close/power hour tomorrow. Im looking for a breakout of the price action and a retest of last Wednesday low $421.55

Of course futures trading could invalidate this pattern, will know more by the open. No longs overnight and no puts overnight. If the bear is present tomorrow in premarket, will look for a short set up to enter for puts... current sentiment remains bearish

Not trading or investment advice, please do your own due diligence

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100R, is where the game gets tricky.. 429.49 is a key fib level... a close above this level is very bullish. I can see a possible pop in futures overnight as well. If price action opens at this level, it could present a great short opportunity... I will have to run fibs and chart futures 30min-15min before NY open to better gauge this . being flexible

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429.49 is above the .618 of this trade set up...

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if futures turn tonight... could run to $431, but without a double bottom? That is yet to be seen. futures action before NY open, and after the bell will confirm or deny all of this... be prepared both ways. Cheers

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AD needs to cross over supply zone (red box, 2nd chart below).. .382 fib needs to show continue strength and stay above the .382 fib going into NY open. If it can withstand selling pressure, possible for $432 Wednesday and the bearish bear flag gets rejected at the apex on the 15min time frame and doesn't carry over. That would set up an epic short squeeze... will be monitoring all of this going into Tuesday opening and let price action and market dictate my move. I'm not guessing or putting my capital at unnecessary risk.

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B leg needs to hold here

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If B leg is rejected on good volume, price action essentially becomes forced to retest a double bottom. Running the risk of invalidating this whole bullish AB-CD set up and put pressure on bulls, as bears will look to short to 421.50 and $4200

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if price action fails to breakout from this Bearish Cypher pattern (i.e. B leg failing) then the AD turns into a bear flag

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bear flag w/ double top.. this is a short imho... setting up a futures short as we speak

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futures short loaded, go to the 30min chart. Stoch RSI above the clouds= bearish... SL at the .50 fib 4299

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now we got that drop, monitoring the apex around 930-945pm est

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going set a trailing stop... time to get som rest

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excuse the typos, long day trading... ok officially last chart of the day

Trade closed manually

hit my 1.618 target of 4284.3 protect your profits and positions folks

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long that AB-CD bullish set up I showed yesterday. I got heading to $432 now..

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scroll up, you'll see where I mentioned the double bottom... added calls at the $421 strike . cheers

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so here we go, are they going to give me this double bottom near my 1.618 fib level before close... I dont need a big spike just need to close near/right at the key fib level

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small risk trade, im hold here.. does carry some risk... we'll see last few moments of power hour if volatility picks up favorably for the bulls here

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short trade resumes

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see you good folks Monday, I'm out. I layered in enough puts.. looking for $417.50 next week

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moneyflow_trader

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