Looks pretty legit so far.
Probably a few more days of chop before it will confirm or deny its existence.
Probably a few more days of chop before it will confirm or deny its existence.
Note
Looks like next week will likely confirm or invalidate. If the handle extends too long at this angle for much longer, this won't play.
If it goes trades sideways/choppy for all of next week, it still may be valid.
Note
I sould have added volume to the chart. Still learning the UI on this site.Volume is consistent with cup and handle.
I didn't include price thresholds on the chart, but they are within parameters (ie. length of handle, distance to base, etc.)
Inverted cup and handle are also on IWM (which almost always leads the bigger indexes in movement).
Let's see what tomorrow (Monday) brings....
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No invalidated, not validated.The waiting game continues...
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Closing in. If SQQ hits $13. It should rip up.Note
The dance continues. Touched $13 and pulled back. Abrupt rise though. Still calling it unconfirmed but its looking close...Note
Invalidated. But...What's interesting is the NASDAQ chart has a rising wedge that has almost completed, a possible head and shoulders pattern forming on the 6M chart, and a case could be made that it has an inverted cup and handle (but ike SQQQ, the handle is getting too long).
Interesting too that Bitcoin has a potential inverted cup and handle on its 6M chart as well. Price has been choppy. Might tank next week.
Makes sense that all these charts are talking to each other. BTC price has been a strong leading indicator of where the NASDAQ's price is going.
The lead up to Memorial Day weekend often involves heavy, optimistic buying. I'm imagining a sell-off Friday or next week (which could possibly confirm the head and shoulders on NASDAQ and indicate SQQQ will climb).
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.