Inverse H&S (bottom) on the 1hr SPY
Hello Traders,
This is a follow up on my last post. Some traders have never heard of the term Head & Shoulders Bottom, it's a small technicality, so I will be more clear. Looks like we have confirmation. So we could have some throwback, but ultimately the direction is up. You may see more shorts jump in angrily, but that's how it is. Unfortunately, there are always people on the right side of the trade and the wrong side.
Also, with throwback and only 71% of meeting that 2nd (longer target) it doesn't make things so cut and dry; however, December is typically a smooth riding month, so I wouldn't be surprised if we see a bit of a melt up. The odds are very much in the Longs favor here.
Lastly, please note, there is also a Double Bottom (Adam & Eve DB). Confirmation was at around 459.05.
I wish you all the best!
Cheers,
Mike
This is a follow up on my last post. Some traders have never heard of the term Head & Shoulders Bottom, it's a small technicality, so I will be more clear. Looks like we have confirmation. So we could have some throwback, but ultimately the direction is up. You may see more shorts jump in angrily, but that's how it is. Unfortunately, there are always people on the right side of the trade and the wrong side.
Also, with throwback and only 71% of meeting that 2nd (longer target) it doesn't make things so cut and dry; however, December is typically a smooth riding month, so I wouldn't be surprised if we see a bit of a melt up. The odds are very much in the Longs favor here.
Lastly, please note, there is also a Double Bottom (Adam & Eve DB). Confirmation was at around 459.05.
I wish you all the best!
Cheers,
Mike
Site: uprighttrades.com
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old site: uprighttrader.com
Scripts: tradingview.com/u/UPRIGHTTrading/
Like & follow for great ideas & indicators!
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