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SPX OVernight Top in Place? Lower before Higher; Correction Inc!Chart says all. Been shorting too soon as usual, but the 7-wave Triple combo is a rare and confusing pattern. Overnight ES futurez tapped the intersection of long-term TL and near-term TL in this wedge; they converged at 3056. China says they were just kidding and wont get serious with the Great Donald, such a big surprise! Expect to fill the gaps from past weeks, get support around 295 on SPY and bulls may try again for the 9th wave. A real Bearish Correction can start anytime; but seasonally Feb-March would be a likely scenario with trade and election worries looming. On Wednesday 60% of trading was selling, only 40% buying to reach new ATH; RUT and DJT diverged, Transports just got killed; these are leading indicators. Broader market is not in step with the indexes, which advance on progressively smaller volume and fewer issues with each successive bull wave. VIX is sub-13 again and in a compressing wedge, expect a big pop in volatility very soon! Play the VIX with UVXY calls if you dare! This is an idea and does not in any way constitute investment advice- trade at your own risk! GLTA!
CME_MINI:ESZ2019Short
by DaddySawbucks
37
double bottom in play if symmetrical triangle doesn't pan outthe symmetrical triangle/ bull pennant appears to be losing some steam here but if it doesn't pan out the bulls still have another chance to continue the uptrend with a double bottom in play around 8886(as shown here in purple). A retest of this zone would make a lot of sense since there is currently a gap on the CME futures chart around that zone that needs to be filled...and if price action were to retest this zone soon enough and indeed get strong bounce support there we could trigger the double bottom while still validating both the symmetrical bull pennant and the 1 day chart bull flag (in green) at the same time. We can see a nice bullish confluence here between the breakout targets of both the double bottom & the symmetrical triangle (pennant not factored in) so hopefully that increases the probability for a bullish validation.
BITFINEX:BTCUSD
by DrDovetail
Moon Cancelled? 4 H EMA Golden cross is not getting any love :((Whazuup my people, hope you are having a terrific trading day and had a phenomenal weekend as well. I think we are primed to have a nice 1000 USD correction within a very short time. 8.5 target lies on FIB 0.5 which is universally beloved retracement level for BTC and IMHO we will at least test this area today or latest tomorrow. Trend reversal theory will be confirmed or disproved based on the price action that we encounter back at 8.5K level. Current price action looks bullish, yet BTC has a habit of closing all the fast gains in a relatively prolonged downturn. Key pivots for me are at 10.3( closing and maintaining daily over there will be a confirmed trend reversal), the medium term-bullish scenario will be if we retest 8.5K and swiftly reverse to the upside. Have a profitable day my friends and don't get rekd :)) Summary Answers: 1. Moon is not cancelled, going down to 8.5k level will test the bullish resolve of the current price action. If we start consolidating at levels 8.5 or blow I'd expect a further sliding continuation of a downtrend. 2. Why 4H golden cross did not get any love? - 1. It is too far away from the price action 2. Bulls are currently exhausted and do not have much power to push the price further. In fact, they are so exhausted that we have closed down an all the gains that preceded to the golden cross.
BITFINEX:BTCUSDLong
by akublashvili
1
ZS - Scaling InZS had a gap up due to earnings back on March 1st. The stock saw a rise in price within a bullish price channel but was creating a bearish divergence with the RSI indicator. Even with the pullback, the price remained in the bullish channel until it broke down in mid-August. Another earnings report in September led to a gap down that created an Island Reversal pattern & carried the stock price below the March gap, which was now acting as resistance. The stock price continued falling as it tested that March gap resistance a few times but as the price fell the RSI has moved higher creating a Bullish Divergence. With the price moving out of an oversold condition I am looking for the price to move up to re-test the September gap resistance. Depending on bullish momentum the stock may be able to continue rising to fill the September gap.
NASDAQ:ZSLong
by Chartimistic
DRI - Let's Go Out For A BiteDRI had a gap up on an earnings announcement back on March 21st. The top of this gap became support while the stock price continued to rise. This rise in price created a bearish divergence with the RSI indicator. The earnings release in September led to a gap down. The price actually consolidated just below the March gap. Friday's trading has the price testing the resistance level of the March gap zone with the stock finding strength. DRI is finding relative strength within the Restaurant industry but still needs some more time to see if it is gaining strength on the SPX. If the price continues to rise I would expect a re-test of the bottom of the gap down zone around $122.
NYSE:DRILong
by Chartimistic
NOW - Can we get some service now please?Let's see, earnings after market close, recent analyst downgrades over last week or so, & CEO just left to take over at NKE . What does the chart say? You may have a head & shoulders pattern but that right shoulder is a bit ugly. If you do believe it is an H&S pattern, then the price target is $198.30 which would take the price back to fill the gap from January 30th. From a Fibonacci extension perspective, the price is currently around the 100% level while hitting support from the gap up back in January. This could be an ideal area to see a bounce before any continued declines. New CEO claiming they want to be heavy on acquisitions so take what you will from that.
NYSE:NOWShort
by Chartimistic
Beyond Meat - BEAR trend into massive gapTechnical analysis First earnings report (June 7th, 2019), which made BYND go up around 35%+ and create a big gap. This gap is starting to get filled on a downtrend. RSI(10) @27 - Remember oversold can continue to be oversold for a long time. ------- Fundamental Impossible Foods, a direct competitor of Beyond Meat. Is selling burger to Burger King. Impossible Foods really resembles meat. Beyond meat is just a semi-decent veggie burger (in my opinion).
NASDAQ:BYNDShort
by dorfmanmaster
spx 500/ BTC . Monday potential . Hi Traders, Look at this today's pump. Sucker rally its on IMO we are in distribution and this is how retail gets sucked in to believing that market its fine . FED printing its on and its hard its injecting billions of dollars daily to the markets trying to save the moment. I will be looking on opening short potentially on Monday. This gap its even bigger then before and it will have to be filled as always . I'm not expecting pull back today to fill all this nonsense but small pull back could happen. Will see how we will close today . Keep your eye on Spx it could be nice short play.
TVC:SPX
by PTO
DJI Dow Jones Looking Very Bearish (Chart Patterns Confluence)DJI Dow Jones is looking very bearish now in right shoulder in head and shoulder chart pattern, gap fill and strong Fibonacci 50% and 38.2% retracement level. Drop a like and comment for more free analysis, signals and education. The Head and Shoulder Pattern This head and shoulder pattern is in confluence with the two recent tops in 2018 around the 26800 zone which gives it more bearish power: The Gap Fill What creates gaps? Often negative news if the gap is down and positive news is the gap is up. These gaps will act as support and resistance into the future and right now DJI has tested and shown bearish action at the resistance. The Strong Fibonacci Retracement Resistance Levels 50% and 38.2% I like to use Fibonacci because it's a simple way to find good entry levels in pullbacks. Since price action moves in waves you want to get in at the pullbacks to get a lower risk and higher reward for every swing/wave you trade. The Trade Idea Entry: 26421 Stop Loss: 26740 Take Profit: 25326 (Risk/Reward Ratio: 3.43) You will most likely see a bounce on the undercut of the previous low 25340 level which also is in confluence with the Fibonacci extension level 127.2%. Close your trades here and then you could scalp the bounce (risky since you're in a bearish chart pattern) or what I recommend, wait for a new short opportunity drawing new Fibonacci retracement levels and wait for price to bounce to the 50% or 38.2 levels and look for bearish price action. Hope this help. Happy trading!
DJ:DJIShort
by tradingwalk
1