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Shooting Star

Possible beginning of a new bearish leg for SPXSummary: Main bearish trend (dotted teal downtrend line) Reversal attempt in progress (purple uptrend line) 200-SMA breakout in jan-2023 Failure to continue the breakout (failed bull flag - orange lines) Arrow #3 as a good entry option for a bear trade. Possible beginning of a new bearish leg, aligned with the main trend Possibility to surpass the last low (oct-13-2022). Set target @3,330.00. Timeframe expected: 3 to 4 months. Detailed explanation: 2022 was a very bearish year for stock markets, and prices have navigated under the 200-days simple moving average (200-SMA) for the most part of the year. On the other hand, the first months of 2023 had some attempts of breakout to this widely known indicator. By December, 2022, prices tried to break-up the 200-SMA, but failed, then pulled back and tried a new breakout in January, 2023, that succeeded and provided some hope for a reversal. Arrow #1 is signaling the top of this bullish leg. After this, prices developed a little bull flag (orange lines) , near a resistance level. I have been closely following the price movement on this flag, to try to catch a trading opportunity, bullish or bearish. The bullish case was the most evident, and would happen with the breakout of the flag, confirming the continuation of the main trend reversal. But if it didn’t come true, prices could continue on a longer range or even breakdown the 200-SMA, providing, hence, a bearish trade. It turned out that the second case is being developed. On February 21st the bull flag was undone, by a very bearish -2% candle, then some days passed and the 200-SMA offered a support for the prices, this movement came along with some doubt candles (tiny ranges, long wicks), their in the area near arrow #2. This arrow points specifically to a bullish engulfing candle, that signaled a possible return of the bull and that the 200-SMA would indeed sustain the prices. After that, a bullish candle confirmed the engulfing pattern, and I considered that now it was a “make or break” situation, that either had to continue with strong buyings or finally give away and return to the main bearish trend (dotted teal downtrend line) . The second scenario happened, with a classical shooting star candle denoting a top, indicated by arrow #3 and followed by a relevant -1.53% bearish candle. I consider it can turn out to be the beginning of a new bearish leg in favor of the main market trend. If it breakdown the 200-SMA (and the previous bottom, of arrow #2) we will probably be full gas back to the bearish trend, reverting that secondary bullish trend indicated by the purple line. Predicting the future is impossible, but trading is a probability game, and to my criteria the odds are high enough to make a bet now. So, I started a trade yesterday near the market close. The stop zone is a little above the high of the shooting star candle of mar-06-2023, and my target is @3,300.00, I chose this number considering that this is a movement with the main trend, and that the last low (oct-13-2022) is usually surpassed in this kind of situation. PS: I know there’s a whole FED policy/interest rates discussion going on, and that it provides much of the ultimate reasons for the market movements I described, but I will stick to technical analysis here and to the principle that the chart sums it all up, hence I considered only price patterns in my analysis.
SP:SPXShort
by thessia_
1
SPX: About to Correct? Next Key Points to Watch.• The SPX hit its resistance at 4,060, and now it seems it is losing strength; • In the daily chart, we see a Shooting Star candlestick pattern, that if triggered, could take the index to lower levels; • In the 1h chart, the SPX is correcting, and the next support is the 21 ema, which is ascending; • The 21 ema in the 1h chart is almost at the same price the 21 ema in the daily chart is, making this a dual-support area; • If the index loses this dual-support, I see a sharper correction to the 50% Fibonacci’s Retracement, near the 4k. The 4k is an important psychological key point for the index as well. Remember to follow me to keep in touch with my daily analysis!
SP:SPX
by Nathan_The_Finance_Hydra
$BTC/USDT 12h (#Bybit) Ascending trendline retestBitcoin just printed a shooting star like 6 months ago, which is a reversal candlestick. Also, we got a bearish divergence on RSI, this could finally lead to a retracement down to 100EMA. ⚡️⚡️ #BTC/USDT ⚡️⚡️ Exchanges: Binance Futures, ByBit USDT Signal Type: Regular (Short) Leverage: Isolated (7.0X) Amount: 6.8% Current Price: 23776.0 Entry Zone: 23809.5 - 24317.5 Take-Profit Targets: 1) 22860.5 2) 21954.5 3) 21049.0 Stop Targets: 1) 25070.0 Published By: @Zblaba
Short
by TradingOn
SPX: Imminent Crash! Next Key Points to Watch.• The SPX reversed the short-term bull trend, as it lost our 21 ema in the 1h chart, failing in breaking the previous top (it did a Double Top chart pattern around the 4k); • In addition, it lost the support we mentioned yesterday, at 3,950, indicating a sharp correction – maybe even an overreaction; • Either way, the 3,950 is a new resistance on SPX, according to the Principle of Polarity; • Now, it seems the index is heading to the 21 ema in the daily chart, as I mentioned yesterday (link to my previous public analysis is below this post, as usual); • What’s more, it triggered our Shooting Star candlestick pattern, which reinforces the bearish sentiment, at least for now; • Let’s pay attention on how it’ll react around the 21 ema in the daily chart. Remember to follow me to keep in touch with my daily analyses!
SP:SPX
by Nathan_The_Finance_Hydra
6
SPX: Flying High! Next target + Trend analysis. 🤓• The SPX is in a short-term bull trend, as seen in the 1h chart, and only if it loses the 21 ema we would see a correction ahead; • In theory, it wants to hit the next resistance level, at 4,053, and as long as it stays above the 21 ema, this is the most likely scenario; • This reinforces our previous reading on this, as mentioned in our previous study from yesterday (link below this post); • If it loses the 21 ema, the next stop would be the 3,950 area. • In the daily chart, SPX did a top sign yesterday, a Shooting Star candlestick pattern. However, this pattern wasn’t triggered yet; • According to Bulkowski’s studies, a Shooting Star works as a bearish reversal 59% of the time, which is not that great; • Either way, SPX is still trading above its support levels, and even if it corrects in the daily chart, the 21 ema is there to hold the price as well; • As usual, I’ll keep you updated on this every day. Remember to follow me to keep in touch with my daily analyses!
SP:SPX
by Nathan_The_Finance_Hydra
2
SPX: What it Takes to REVERSE? Let's see. 🕵️‍♂️• Despite the Shooting Star from yesterday, it seems the SPX found a strong support level at the 21 ema; • As stated yesterday, on my previous public analysis on SPX (link below), this movement could be just a pullback to the 21 ema, just to resume the bull trend again; • Therefore, the 21 ema is our key support level, and only if the index loses it, we would see a stronger correction – possibly to the 3,744; • Although it found a support at the 21 ema, and it closed above the 3,911 yesterday, it didn’t reject yesterday’s Shooting Star completely, as it must break yesterday’s high in order to do so (3,950) – however, I agree that it is doing a decent job so far; • In my view, we won’t see more correction as long as we stay above this 21 ema. Let’s see what happens today, I’ll keep you updated every day on this. Remember to follow me to keep in touch with my daily analyses!
SP:SPX
by Nathan_The_Finance_Hydra
2
SPX: A Bearish Pattern under a Key Resistance. Be careful.⚠️• Yesterday, the SPX broke the resistance at 3,911 for a brief moment, but by the end of the day, it lost momentum, couldn’t close above it, and it did a Shooting Star candlestick pattern; • This could be just a pullback to the 21 EMA, but the fact it found a resistance at 3,911 again it is not good for the bulls; • We warned about this on my previous SPX analysis – link below this post; • This Shooting Star might frustrate any attempt of a bullish reversal, and would require a very impressive bullish reaction to frustrate this bearish sign. Ideally, it would need to break the Shooting Star's high in order to reject the bearish candlestick; • The way it closes yesterday will tell us if the index will confirm a bearish continuation to the 3,744, or if it will reverse and seek the 4k area again; • According to Bulkowski’s studies, a Shooting Star works as a bearish reversal 59% of the time, and when triggered, hits the technical target 84% when we are in a bear market, and see a downwards breakout; • I’ll keep you updated every day on this. Remember to follow me to keep in touch with my daily analyses!
SP:SPX
by Nathan_The_Finance_Hydra
8
GOING SHORT IN NZDUSD BY TRADING STRATEGYBullish Indications 1. Higher Highs and Lows 2. 8 out of 12 years December remains bullish 3. Trend is bullish on 1D TF Bearish Indications 1. Shooting Start at Higher High 2. Broken Trendline 3. Bearish Divergence on 4H and 1D 4. Price is exactly bounced back from the previous rally LH 5. Trend is mature enough Seasonal Data Dec 10 => Green Dec 11 => Red Dec 12 => Green Dec 13 => Green Dec 14 => Red Dec 15 => Green Dec 16 => Red Dec 17 => Green Dec 18 => Red Dec 19 => Green Dec 20 => Green Dec 21 => Green
Short
by hassamsaeed
SPX: We nailed another TARGET! What's next?• The index hit our target at 4,083, as it behaved exactly as we expected yesterday, but it seems it is losing strength now. The link to my previous analysis is below this post, as usual. • So far, it is doing a Shooting Star candlestick pattern. Considering it is just under a key resistance, this might be a top sign. • The trend is still clearly bullish, and any pullback to the 21 ema, or even to the 3,974 is acceptable, and would just be an opportunity to buy. • Only if the index drops below this dual-support area made by the 21 ema - 3974 it would frustrate this bullish sentiment. As long as it stays above it, the bullish bias will persist. • What if it breaks the 4,100? Then the 4,200 will be the next resistance to work with. I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analyses!
SP:SPX
by Nathan_The_Finance_Hydra
3
Have You Seen TJX Companies Shooting Star? TJX ended the day with a shooting star on the daily in confluence with a rising wedge pattern. Bias-short I plan to short TJX after a break below the head of the shooting star and the 1H trendline (for a safe entry). I will more than likely enter a small swing position to catch the move. Short float % is 0.95% as of 15 November 2022. Please be mindful that the short float % will update on the 1st of December. *This is not financial advice. Willing & Able, MrALtrades00
NYSE:TJXShort
by MrALtrades00
EURUSD DailyCan I just say WOW at the rejection at the 200MA ?!? Honestly this is playing out how I would like to see the market. I recognize a price action candle, the shooting star. The shooting star often occurs when the market is buying and begins to react at some level of resistance. I am identifying my level of resistance as the 200MA. I would like to see todays candle (11/16) to close as an engulfed candle. ONLY IF todays candle close with momentum, the market is likely to continue to sell… But as of right now, I am going to sit on my hands and continue to watch the market form.
by Vanaaad
SPX: Is this rally finally over? Let's see.• The SPX is still bullish, and although it is trying to stabilize today (which is perfectly normal after an euphoric day like yesterday), we have yet to see a top sign confirmed; • It is too soon to tell, but so far, today’s candlestick resembles a Doji pattern, and if this is true, we could do a pullback to the 3,911 area again, at least, if we lose today's low next week; • A sharper pullback would take us back to the 21 ema, but we must see a stronger bearish sign in order to see that; • For now, the trend is still bullish and the index is seeking our red line at 4,116, as we already mentioned yesterday (link to my previous analysis below this post). Remember to follow me to keep in touch with my analyses!
SP:SPX
by Nathan_The_Finance_Hydra