Sand P in Zig-Zag Correction? Could pop Triple Top!?
Updated
Just a purely speculative idea, not trading advice. Bearish sentiment and high index/ETF P/C ratio of 1.5 suggests might be near bottom in near-term. Economic data is NOT c/w recession; annualized growth 33% was great! If FAANGs deliver, it will move higher IMO.
Trade at your own risk; GLTA!
Trade at your own risk; GLTA!
Note
Break below ~3180 will invalidate this model and favor the crash scenario IMONote
Trades very close to September low. More orderly trade character and we dont see DJI tanking off 900 pips; suggests might be close to end of this bear run. Waiting on Monday action before look at longs; did buy a bull spread on AZN, the vaccine is coming soon. Also holding some PFE, same idea. GLTA!Note
Closed longs on election day. Either this is a bear rally and failure to produce decisive result will tank it off again; or this is a first of five impulsive move. Either way gonna get a pullback IMO.Note
Wow what a spike! Neraly tapped 3500 HOTD; upper triangle ceiling descends through 3500 exactly. Look for a retest Thursday, likely pullback next week IMOTrade active
Shorting in diagonal bear spreads above 3500. Tapped the upper triangle TL from two prior tops and pushed back. Lower high in triple top, rally starts to look toppy, probably another pump & dump left in it for Friday IMO.Therefore limited entry position, ten spreads on SPY long Nov 350P <> short Fri 345P dailies.
I like to set these up on Thursdays, you get a nice premium for the short legs and they expire tomorrow!
Trade active
Added on the PM lift. RSI diverging. Pullback soon IMO; unsustainable run-up.Trade closed: stop reached
WOW
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