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Megaphonertop

SDOW a triple leveraged ETF shorts the DOWSDOW is shown here on a 30 minute chart current rising above a parallel descending channel which is within a longer trend of a downward-facing megaphone pattern where it is currently situated near the top of the megaphone. I have drawn the two trendlines onto the chart and added an RSI indicator. My plan is to take a short trade on SDOW by looking for an entry on the 5 minute time frame where the HA candles are red and the RSI has dropped below 50. I will set the stop loss above the resistance trendline while targeting the support trendline at the low of the pattern.
AMEX:SDOW
by AwesomeAvani
SPY Breakdown Reversal out of Megaphone PatternSPY has been in an erratic uptrend since October. on the 2H chart, It is now in a megaphone pattern with more touches of the lower support trendline than touches of the upper resistance trendline. This suggests a breakdown out of the pattern. The MACD shows the lines below zero and the MACD about to cross under its signal. Price is about to break under EMA200 which may be considered a support and so the initiation of a downtrend out of the pattern, This appears to be a good setup to short the SPY or buy put options all while waiting federal news later this week.
AMEX:SPYShort
by AwesomeAvani