Get started

Double Bottom

SPY: Very bearish! What could make it bounce?• So far, SPY is heading to the next support at $360.69, indicating we have a few more bucks to drop, and there’s no technical evidence pointing to a reversal. In the daily chart, at least, there’s not a single bullish pattern yet; • We see some open gaps (yellow squares), and they will become targets, in the future, if (and only if) SPY triggers a reaction; • In the 1h chart we see a possible bullish structure, a Double Bottom chart pattern. Keep in mind, this pattern wasn’t triggered yet, and maybe SPY won’t trigger it at all, but it is important to keep in mind a scenario where it’ll break the $370.21; • By triggering this Double Bottom, SPY would bounce back up to the $388 (its next target); • In my view, I would prefer to see it bouncing after a retest of the $360, but this could work too; • This wouldn’t be a true bullish reversal sign, and maybe would be just a Dead Cat Bounce, but could be the beginning of a true mid-term reversal. I’ll keep you guys posted on this. Remember to follow me for more analysis like this! Keep in touch.
AMEX:SPY
by Nathan_The_Finance_Hydra
10
DXY getting closer & closer to double bottom target from AprilWe can see this pattern’s breakout has definitely been triggered at this point and the price is heading closer and closer to the target that we called back in April. I will attach the chart idea from April near the bottom of this one. Only question now is do we reach 100% of the target. We still need to over come around 121 for it to confirm a higher high on the macro chart. I personally anticipate a lower high but either possibility is probable at this point. If we were to not hit 100% of our target before the next next downtrend then that would definitely clue us in. *not financial advice*
TVC:DXYLong
by DrDovetail
BTCThis is my take on the current situation. BTC is currently on the support of the last high, this would be a perfect retest and a possible double bottom for BTC. However, BTC is also forming a bearish triangle with a measured move going way below 10k. I believe the crypto marked is trying to bottom, The last few weeks the market has felt different, some ALT coins has been popping, and a lot of bullish idea can be found on different charts. We might see one move lower and experience a max pain scenario before reversing. At this point i believe there's a lot more upside potential than downside potential. This setup provides to options: Go short if the bears break through the red support line. Go long if bulls break the green resistance line.
by thekneekeeper
Double bottom 6h The NQ momentum looks to be slowing to the down side. I don't have a crystal ball so take it with a grain of salt. With the Money flow being really low on the 6h chart, the macd making a cross to the upside, I'm calling a long here or a lil lower after today's session to see where it lands. Small size maybe even micro. Stop is pretty obvious with prior low. If prior low breaks we go lower. If it holds we are bouncing. Double bottom here could be a bigger bounce. I know a lot of bears will try to claw me to pieces but it's oversold. Sure it can go lower so I'm looking for confirmation on the long before I take it. Would like to see some big 30min bull bars and some fast action to the upside to confirm it. Just watching to see what it does. If the low breaks I'm joining the bears to ride it as low as it wants to go. Thanks for reading just an idea. Let's see what happens. Happy trading and good luck.
CME_MINI:NQ1!Long
by Dohnutz
1
DXY Likely to Make Big MovesTop chart is 3 month timeframe, falling wedge breakout, followed by a W pattern: - Falling wedge breakout -- 0.5x measured target @ 131, and 1x target above 160, and closely lines up with the top of the wick from our previous ATH. - A W pattern (or double bottom) has formed and broken out following the falling wedge breakout, it's 2x target is also 131. Bottom chart is 3 day timeframe, zooming in on the W pattern, we see a: - Parallel channel breakout - 2x target @ 133. Interim targets for 1x and 1.5x also shown on the chart. We also see a golden cross of the 50 / 200 Monthly EMA on both timeframes here. A really bullish DXY likely points to a bearish market ahead. See related idea comparing peaks and troughs b/w SPX and DXY.
TVC:DXYLong
by dudebruhwhoa
3