Long

Updated

IONQ - Ready To Pump

IONQ

This now very much looks like the end phase of a Wyckoff Accumulation.

Tapped twice into the retracement Golden Window.

Multiple lower lows with minimal price discovery is a sign of bearish weakness and momentum shifting to the upside.

The arrow points to current price forming a contraction pattern oscillating through the 50MA and tapping liquidity.

This looks set to pump if indexes can hold 👍.

Not advice

Note

IONQ

Slumped rather than popped from the compression fractal.

I dont think this makes a difference in higher time frame but this is the start of a short term bearish wave.

Overall the higher time frame trend is getting very shallow and so we may see a shallow wave down in lower time frame here.

The 0.618 retracement is down at $6.69 and perhaps it will get there before the next wave up 🧐.

Trade active

Big bounce from support in tandem with indexes today.

I think its only a matter of time before we see a BIG pump.

Getting very shallow now 👍.

Note

Printed an ascending fractal (bearish).

And it has now slumped from the ascending fractal into a choppy descent.

So this is bullish Pattern Separation (Pure Price Action):

- A bearish corrective fractal leads to a bullish corrective fractal.

This is common at significant lows where it is becoming more corrective and less impulsive in accumulation before the next big move.

For now it is hovering around support and looking good.

It might yet dip to the 0.618 as described.

The FED interest rate cut is potentially just around the corner and we don't know the outcome but post FOMC will probably see high volatility.

But I always say; its important to trade with the chart of the asset you want to buy.

Its useful to look at other charts and fundamentals of interest...

But if the chart looks high probability to be bullish then good chance in higher time frame it will print a significant uptrend.

Note

IONQ

Had a nice 5% pop today in the post CPI volatility.

Another perspective is that it just re-tested the shakeout supply line of a bullish descending wedge.

Notice the little bull trap shakeouts (red arrows) trapping traders looking for the breakout.

This informs us that liquidity has been somewhat depleted beyond the trendline and increases the probability of a real breakout.

It also bounced from the just below the local 0.618 retracement @ $6.69 as we looked at on 27th August.

RSI pushing up through this area since April and this week will surely print another higher low pivot of bullish divergence.

This is exactly what we want to see.

If it holds here or higher then this is quite a solid week candle, but still 2 days to go...

If that happens then this really does look like it will be moon time soon enough 🌙.

Obviously woe betide anyone that gets too cocky pre interest rate cut this time next week (18th).

But the chart on its own merit is really warming up nicely in this area 👍.

Trade closed manually

Partial Close*

Most of the stocks I cover have drifted today, but IonQ has slumped 6%.

It would appear that an upside three wave 1:1 Golden Window correction has completed.

And so now, you know the drill; what is the most likely ratio it will get back to ???

The 0.618 @ $6.92.

Its not impossible that it could be a shallower ratio such as 0.5 or 0.382.

But the 0.618 is the retracement mirror of Phi.

And a 1:1 is a corrective ratio and signals some short term weakness.

So it is logical to expect that the next wave in opposition will get back to the 0.618.

I've taken 50% profit here and used the capital to scatter limit buy orders around the $6.92.

And if it gets there I will have reduced my cost basis.

If you love IonQ and would be bitterly disappointed to see it take off with you only having a reduced position then there is no need to do this.

In the end this will likely pump.

But there are so many great buys right now that I like this choice.

So more chance than not that IonQ gets back to the 0.618 @ $6.92 but if the market has a sudden lift then it may not 🤨.

Trade active

Gap up on good news ❗️

Funny how the good news comes immedietly after the pattern looks bearish.

But thats how the game works.

Notice that the pop has pierced through the 200MA and has topped perfectly in the 1:1.618 Golden Window (1.618-1.786).

That increases the chance that this is 3 wave upside correction that has completed or is near completion.

If it exceeds the 1.786 by a significant amount perhaps beyond 1.8 then the odds increase that this is the start of the bull market.

If it is a 1:1.618 3 wave completion then just the same as the 1:1, the most likely ratio it would correct to is the 0.618 retracement @ $7.36 🧐.

Note

So its very much a bearish rejection through the red 200MA, with the pivot within the 1:1.618 Golden Window.

The most likely ratio it will find a low at or near is the 0.618 retracement @ $7.39.

The yellow 50MA is just above and perhaps it can find support there, or print a bear trap shakeout pattern down to the 0.618 before recovery 🧐.

Trade active

IONQ

Is ripping it, up 12% today 🚀.

Oversold on the daily but there's not much resistance to stop this.

It can go up and up to new highs 👀.

Note

IONQ

I am taking 100% profit here

This may go up and up but I think there are enough bearish signals and signposts that I would prefer to not get too greedy.

Also considering that this name loves to whipsaw as discussed in the video.

Its been an incredible x5 trade 😁

Congratulations to those of you that have been on it also 🥳.

Note

One commenter on this page, complimentary but yet he thinks that I should be more focused on fundamentals and treat this as an investment rather than trading technicals.

But the technicals can provide a platform to know when is the time to take the money not get too greedy.

Look at the layers of bearish divergence on this chart.

Last time it printed similar bearish divergence it lead to a 71% slump.

If that were to happen again then is it such a good investment?

I'm not saying that will happen again, but its certainly not impossible.

Perhaps more likely is that at some point it will have a 30-50% haircut.

And if a sell off happens I can always buy in later.

If not then there is plenty to buy elsewhere.

There are altcoins in deep positions that look very tasty and I can funnel some of my profit into those.

Imagine the FOMO of non technical traders rushing in to buy this name upon seeing the pump action.

Good chance they will get trapped.

I'll take my x5 profit and move on.

No-one ever went broke taking x5 profit.

Note

I'm not saying that an immediate pull back is on but it has to be at least equal odds that there is profit taking and IONQ gets has a pull back to tap higher liquidity @$21.6. That would be a 47% haircut at current price.

Whatever it is i'll chart it up and make notes from the sidelines.

Note

Massive gap down and 53% ponzi washout 📉❕

That's why I took 100% profit at $37 - GG 😼.

These are my last threads for a while - winding down 👋🏻

Thanks for the "likes" of support - it is appreciated ✨

dRends35

Your FA guru can't read a chart💭

I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.

Better than all the rest? My record speaks for itself 💡.

Telegram Group: $50 per month✨.

Contact: t.me/dRends35

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dRends35

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