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Bullflags

IWM - Potential Bull Flag PatternThe Russell 2000 ETF has seen a price run-up since early October as it emerged from an oversold condition. The recent pullback has created what may be a bull flag (magenta trendlines) that is close to breaking out. The IWM also seems to be gaining some relative strength vs the SPX which should bode well for this ETF gaining in price. Upon further evaluation of this daily chart, I might also be able to make a case for an Ascending Triangle pattern (orange horizontal trendline + magenta rising trendline) or a "W" bottom pattern (black trendlines). Regardless of which pattern you accept, all of them are bullish in nature. I have labeled two potential price targets I am looking at using the Fibonacci Extension tool again. I used the 50% , 61.8%, & 100% levels for these price targets.
AMEX:IWMLong
by Chartimistic
SPX: Possible Paths to ATH from 2nd of Three DrivesOF course this is pure guesswork and sheer speculation. Maybe the ATH is already in on Friday. Although futurez are up as I write this, their fair values point to nearly the same prices we saw near the close Fri PM. I marked this chart idea as Neutral, although it's really short-term bearish and longer-term bullish, until it becomes Bearish again in 2020. A lot of new money will have to flow in to push higher from here, market is already in overbought condition. It is a 3-Drive pattern, and an EW Ending Diagonal Triangle (see Mark Rivest post on the EDT for detailed insight- very fine analysis, kudos Mark and ty!): I show two alternate paths in my idea. Many others, of course are possible: Although overbought atm, but irrational exuberance could simply parabola up to the 1.62 Fibo at 3124, before distribution; or a bull wave pullback could begin this week and carry index down to retest the lower channel TL (in pitchfork). A last desperate parabolic climb to stratospheric prices is likely to occur in January, two years since the last time we saw that in Jan 2018. Expect a pullback soon in Nov, a terrific bullup to ultimate ATH, and another big break in Feb/Mar for Fib time and price. IDEA: Just buy UVXY to play this rotation; accumulate VIX ETF shares when VIX <12. UVXY is the Proshares 1.5x ETF; when Vix gains/loses $2, ETF gains/loses $3. On the last explosive Third Drive to the Top the VIX could get crushed to sub-10, as it was in Dec 2017 when it touched $9. Do not buy it too soon! NB: You can also buy call options on VIX itself if you want max leverage and have strong appetite for risk. I suggest getting a LEAP call if you do; on Friday the April 2020 $20 call was $2.30 with Vix at $12.30. It's a pretty fair risk/reward, considering that in Feb 2018 VIX jumped from $9 to $29. High price on VIX was $70 on 10-01-2008. This is not trading or investment advice, it is rank, sheer speculation on my part. Gamble on the futurez at your own risk! GLTA!
TVC:SPX
by DaddySawbucks
4
Is Ethereum trading in a descending triangle.Since trading in a large ascending triangle starting in early February this year, breaking out in mid May, we've seen a blow off top down into a descending triangle. Now it appears as though this could play out as a bull flag & negate the descending triangle... It's possible we see a rally, because Bitcoin is clearly trading in a bull flag or descending triangle as well. ETH likes to trade in correlation with BTC, so we'll see I guess... The 200 Day MA isn't far away, roughly 17% to the upside, and the rsi is roughly neutral. Interesting. Time will tell per usual.
BITFINEX:ETHUSDLong
by ScotianBot
1