PLTR - Take The Money And Run
Updated
Its been a long time since my client entry for PLTR back at $7 
.
And now the ATH resistance is approaching.
...
PLTR printed a very tidy descending channel with strong bullish RSI divergence in the bear market.
And it had a strong breakout.
But in the uptrend it has printed an ascending channel and that is a little sign of weakness.
Of course it has then continued on up with a very strong uptrend...
But often you do get blow off phases out of ascending patterns.
And that becomes a bull trap shakeout.
From there the pattern collapses below the lower trendline:
And so that is what I think is the most probable outcome here:
This is a blow off phase and at some point down the road PLTR will fall below the lower ascending trendline.
Other factors that signal a top here are the RSI that is oversold on every time frame from the hour chart to the 3 month chart.
And it is just touching into the 2 point 1.618 extension Golden Window (1.618 - 1.786).
So this is the sell zone here and I have begun profit taking.
Once it hits ATH there may be significant sell pressure as many traders will exit there.
And in the end it may get up as high as the 1.786 overshoot ratio @$53.
But for me this trade is close to complete here.
Its been a really great run.
Title is a lyric and none of this content is advice
And now the ATH resistance is approaching.
...
PLTR printed a very tidy descending channel with strong bullish RSI divergence in the bear market.
And it had a strong breakout.
But in the uptrend it has printed an ascending channel and that is a little sign of weakness.
Of course it has then continued on up with a very strong uptrend...
But often you do get blow off phases out of ascending patterns.
And that becomes a bull trap shakeout.
From there the pattern collapses below the lower trendline:
And so that is what I think is the most probable outcome here:
This is a blow off phase and at some point down the road PLTR will fall below the lower ascending trendline.
Other factors that signal a top here are the RSI that is oversold on every time frame from the hour chart to the 3 month chart.
And it is just touching into the 2 point 1.618 extension Golden Window (1.618 - 1.786).
So this is the sell zone here and I have begun profit taking.
Once it hits ATH there may be significant sell pressure as many traders will exit there.
And in the end it may get up as high as the 1.786 overshoot ratio @$53.
But for me this trade is close to complete here.
Its been a really great run.
Title is a lyric and none of this content is advice
Trade closed: target reached
Limit sell triggered today at ATH.
I am now 100% out of this trade.
Might go higher before the hammer falls, that is not possible to know exactly.
But at some point this has a good chance to be a long way down from here.
GG.
Note
24% earnings pop is designed to lure ultra dumb money to the eating table.
This is most likely an exhaustion gap - end of trend.
If it gets to $53 I'm going to enter a small short to hold and I think it will be a long way down at some point.
Also S&P is hitting a critical long term fib, so there might be a market correction underway, but thats for clients only to see. I may post to TradingView free lunch club at some point later.
Note
Earnings gap up and fanboys are cheering.
But this looks like its got a good chance to be an Exhaustion gap.
And now another smaller gap up and currently it sits just above the 1.786 overshoot ratio.
And also above ATH resistance.
There will be a lot of liquidity up here.
It makes it ripe for a reversal.
So i've entered a short position here.
This is also in consideration that S&P has hit a critical long term fib (client only).
Its obviously dangerous to short rocket ships but there is plenty technical to suggest a reversal is due and we have certainly reached "Euphoria."
We're into the post FED interest rate cut blow off phase for risk on markets🥳.
I have many great deep value opportunities ❕
Many Trade Ideas Every Day 📈
Regular videos ✨.
Telegram Group: $50 per month 👍🏻.
Contact: t.me/dRends35
I have many great deep value opportunities ❕
Many Trade Ideas Every Day 📈
Regular videos ✨.
Telegram Group: $50 per month 👍🏻.
Contact: t.me/dRends35
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