SPXU trade ideas
Possible low risk short Seeing as the S&P has been constantly hitting support this may be a good oppritunity to short the SPXU with a low risk SL at resistance area somewhere around 42.19. TP i will further update depending on market momentum tomarrow. In anycase we may have a small short gap but VOL and momentum will determine my TP . Lets see what happens. Remember always use proper risk management. i only day trade ETFs due to the high risk involved with keeping trades open long term.
Pennant or wave 5 still missing?Remember SPXU is inverse SP500
Notation on chart
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TWUC
@BLawrenceM
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Monday without action ...waiting FOMC announcement!Will probably follow the blue line monday
Not to say whether it's an ending diagonal (Looks like it right now at close friday) or it will turn into a 4th wave and heading higher.
As always.... time will show.
Safe trading gents!
Have a nice weekend!
BM
Possible Bearish Cypher in SPXU into the weekendBearish Cypher
Bear fund ETF - inverse SP
Still unclear and on the edge right here but still a valid pattern right now.
Friday and people want out before weekend could give a bullish sentiment before close.
Fear not .. believe what you see and trade it.
@BLawrenceM
Bowtie in SPXU on 10 min chartCan the price break the sar (well has already) and stay at the 37.90ish handle for about a little hour ...maybe only 45 min (hard to predict exactly) then
we probably see a bowtie (moving average coiling) and a price continuation to the upside and not a bear flag into the close.
The same thing that happen at 3:20 when the red ma crossed the 2 other ma's
But price need to stay carme here so ma's can catch up.
Safe trading Ladies and Gents
Time will tell!
@BLawrenceM
More than a hunk of meat to the bearsIf indeed the top is in - here is a bullish count for SPXU - 3X SPX
I see a wave 1 up in 5 waves and a wave 2 down yesterday. Today we see wave 1 of 3 and a possible wave 2 of 3 as a retrace.
A 3.168 ext of wave 1 will close the gap at 52.20- 52.59
Safe trading ladies and gents!
Fib...a kind of MAGICStill speculative
First goal is of cause to take out red wave 4.
BUT the big question is... will what I call wave 1 take out 50,59 (red wave 4)... if so SPXU will set a HL a little later proberbly with only a 38,2 retrace and a long awaited correction is on its way
Safe trading ladies and gents!
@BLawrenceM
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