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BULLISH DESCENDING WEDGE PATTERN NEAR COMPLETION?

업데이트됨

In a broadening wedge a descending megaphone pattern is characterized by five reversals, up-down-up-down-up, each swing is wider but price is constrained within the wedge pattern, without break below lower TL. The finishing move is a crushing bearish move to the lower TL.

Price came down to 200 DMA. Will it hold? Wayyy Oversold! The pattern is a bullish reversal continuation, and implies further price advance by measured move equal to the extent of decline, added to the upper TL at breakout point.

Went off -230, add +230 to breakout price, estimating upper TL at 4610, yields target price 4840 in December.

Amazing things been happening here, remember, just over a month ago price was 4300! Heeeere we goooo agaaaain!!

This is definitely not advice, invest and trade at your own risk, >DYODD< GLTA!!

TEXT REFERENCE WITH DIAGRAMS:
centralcharts.com/en/gm/1-learn/7-technical-analysis/27-chart-patterns/504-descending-broadening-wedge

Image for price projection:
centralcharts.com/medias/guidesdesc/fiches/images/resized/descending_broadening_wedge_2 (1).png

액티브 트레이드

Flipping calls in the open, feels like a 4th wave IMO, let's see...

코멘트

Looks and feels like there might be another leg down. The rally sold pdq in early am, see if they can lift it any higher, has been alternating up/down days and Thursday's up is weak, eh.

If MMs risk-off Friday could see the low there IMO

코멘트

Flipped QQQ puts again. Small positions, 15 contracts. Waiting to see what it really does, the rally was another fakeout imo

코멘트

There will be a Tremendous, Fantastic Opportunity soon IMO, the trick is to get there with your cash intact FGS! Be carefull peeps!!

코멘트

Flipped qqq 385, 386 calls for 1k. Real dicey!

액티브 트레이드

Rolled calls into puts at 386 strike and flipped those as well. Choppy!

코멘트

Wild swings today +140 > -110 > +100, up, down, up... another down now? Riskyyyy

코멘트

DJI forms a bearish rising wedge, breakdown imminent IMO. Got 4/5 Elliott waves in the 4h over past 3 days, impulsive, expect lower soon IMO. No positions atm.

코멘트

Same pattern appears in SPY; NQ less apparent, choppy. Would not long this just yet IMO one more fell swoop remains. Could be mistaken, let's see...

코멘트

Flipped a few puts and got lucky on "2nd case of Omicron!" LOL. In cash, waiting...

코멘트

Yeah it's getting Bullish again. Correction just about done IMO. This whole ragged move was 4th wave in bullish progression IMO

코멘트

Be real careful here about getting long, Friday can still hold a big surprise IMO. better to watch & wait for confirms.

코멘트

Look for another sell with a higher low to signal long entry IMO; inverted H&S will signal to buy, as we saw in October

코멘트

Touching upper channel TL...

코멘트

Looks like 4500 holds...

코멘트

Omicron in 12 states now don't be surprised if we get another dip Mon AM... ofc i bought calls, lol. SPY Bull spread, only ten, won't hurt too much I hope!

코멘트

Surprise! Calls win after all... closing in the open, expect to fade the gap, within a few minutes or hours IMO... pure guesswork atm

코멘트

Trades right at upper channel TL, expect downturn, possibly a higher low? Stay tuned...

코멘트

Well, gosh, fortunately no positions on that monster gap. Who knew?! Typically price retraces to the breakout point then bulls higher. That would set back to ~4612, HOTD Monday, also the upper TL of down channel.

BUT, a Monster initiation gap like this often won't close for some time...

DaddySawbucks