SPXS - Banana Pattern Getting Bullish
Updated
TRADING ACTIVE
Options were closed when stops were hit.
Stock is kept as better entry. More resistant to market whipsaw (no time issue like options).
Chart Details
Banana/Shoe pattern is repeating.
We are at the end of current pattern. Expecting gap fills up to possibly $17+
Bullish EMA Cross (at $13.70) and Bullish 10WeekMA cross ($14.60). Over both we are confirmed Bullish. I would be watching exits as this moves quick.
Fractal shown is from similar pattern where Daily candle had topping tail wick, followed by larger green Daily candle on next day.
This indicates the turn to me.
Entry Options
I would continue to add in this position under $12.90 if we get into end of pattern. Otherwise I am waiting with current position.
Stop loss at $12.70 – although I will probably hold past this. SPXS will pop and cover up-gaps.
Side-note - GDX and Gold are both turning bullish which (to me) is a secondary confirmation of incoming market correction/pullback.
News: - I haven't watched either but RealVision is excellent with sources.
1/1/2020 - John Bollinger Interview (Debunking False Assumptions) youtube.com/watch?v=i5zhwFpNl5c
1/2/2020 - RealVision Finance "WTF is going on in the economy" youtube.com/watch?v=bWkyP9n0c90
About Me
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
I am transitioning to my new website moneypatterns.com and have updated my name previously jbird7839. Same guy - new name. :)
Website will be ready for launch mid-January 2020. Thank you for your patience while I try to juggle everything and maintain the same standards.
Disclosure - I am long BTCUSD, GBTC. Short term GDX Bullish, SPXS Bullish
Options were closed when stops were hit.
Stock is kept as better entry. More resistant to market whipsaw (no time issue like options).
Chart Details
Banana/Shoe pattern is repeating.
We are at the end of current pattern. Expecting gap fills up to possibly $17+
Bullish EMA Cross (at $13.70) and Bullish 10WeekMA cross ($14.60). Over both we are confirmed Bullish. I would be watching exits as this moves quick.
Fractal shown is from similar pattern where Daily candle had topping tail wick, followed by larger green Daily candle on next day.
This indicates the turn to me.
Entry Options
I would continue to add in this position under $12.90 if we get into end of pattern. Otherwise I am waiting with current position.
Stop loss at $12.70 – although I will probably hold past this. SPXS will pop and cover up-gaps.
Side-note - GDX and Gold are both turning bullish which (to me) is a secondary confirmation of incoming market correction/pullback.
News: - I haven't watched either but RealVision is excellent with sources.
1/1/2020 - John Bollinger Interview (Debunking False Assumptions) youtube.com/watch?v=i5zhwFpNl5c
1/2/2020 - RealVision Finance "WTF is going on in the economy" youtube.com/watch?v=bWkyP9n0c90
About Me
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
I am transitioning to my new website moneypatterns.com and have updated my name previously jbird7839. Same guy - new name. :)
Website will be ready for launch mid-January 2020. Thank you for your patience while I try to juggle everything and maintain the same standards.
Disclosure - I am long BTCUSD, GBTC. Short term GDX Bullish, SPXS Bullish
Note
Iran fires missiles at US bases in Iraq. SPXS about to get very bullish.
Will update new chart tomorrow.
independent.co.uk/news/world/middle-east/iran-news-live-trump-war-us-latest-soleimani-death-attack-burial-a9273186.html
Disclaimer
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