45% Vs 57%Yes, we are in the middle of something, let me explain.
we have a well formed rising wedge that is a bearish pattern, inside of an giant bull flag in theory we should se that pattern ending but that pattern is inside of 3 symmetrical triangles, one confirmes another 2 close to be confirmed, the symmetrical triangle is a reversal confirmation, so we should see a continuation for the uptrend.
Green arrow point to the symmetrical triangles
Blue arrow point to the giant bull flag
Orange point to the wising wedge
If for some reason the rising wedge was the winner the next week, could take us 45% down from here.
But if the symmetrical is the right pattern and we are watching a trend change, we should see to complete the bull flag with more than 50%.
I think that because the giant bull flag is too old, the symmetrical triangles are dominant and we should se the up trend continuation.
SPXL trade ideas
SPXL ShortSPY at resistance, trendlinebreak + retest
SPXL is 3x Bull SPY, if SPY down 10%, SPXL will done 30%.
Short entry 74.8
Stop 80
Target 60, 50
Risk management is much more important than a good entry point.
I am not a PRO trader.
In my trading plan, the Max Risk (hard stop) of each short term trade should be less than 1% of an account.
The last time Jerome...Do you remember Jerome powell talking about his failed policy, warning us of further increases?, that day 2 symmetrical triangles were destroyed, now we are maybe seen the born of a new one, why this change?
NO MORE INTEREST RATES INCREASES, that means that all the adjustments to the valuations are now fully reflected in the market., the Fed's desire to increase their asset values should lead to a bull run.
But, if the bank crisis goes further, maybe we can see the conclusion of something that looks like a broadening raising wedge taking us tu Oct. levels
SPXL Covered CallsTesting assorted points placed on chart to represent covered calls I'm taking.
Each point is the break-even price of each position.
By hovering over a point, details of each trade will be given.
Some points are connected to other points.
These lines are Rollout trades where new calls were sold.
confusion is the word it's a shame, but we broke on Friday the Symmetrical triangle inside of our huge bull flag, now maybe a new one is in process, but the fact is that we need to cancel the rising wedge formation that take us to new lows, because we are under the effect of the huge bull flag formation we should see explosive movements. thanks to Jerome powell the number 1 terrorist in the world. we have to be very technical now when we place a buy order.
SPXL Retracement BreakdownThese are the levels of focus on this Elliot Wave Retracement. I set a Ellipse in the mid section to focus on the double top range where there could be a potential pullback TRAP to watch for. keep an eye on the HIGHER Low on that range to confirm the continuation run up to the SUPPLY Zone above. Just a general idea.
Symmetrical triangles confirmed!The truth is that we are starting a bull market and cautious analysts prefer not to say anything, but they are wasting their time waiting, now we see 2 confirmed symmetrical triangles and a third is missing, this is the same thing that happened a few days ago in Bitcoin, taking it to the level it is at now. Targets 53% from here to the first triangle end
did we just flip bullish in the s&p500?we have retraced .618 from the initial drop in a counter bear trend pullback that has made lots of new longs, but a lot of signals remain sell. if we hold the .5 or continue immediately im long, and if we resist from the .618 and move lower im short. we could resist or support from lower horizontals, and im long/short on bounces from/resisting or breaks/trend confirmations of those levels. the highest im looking is just below the highs of this bounce (keeping in mind its counter to the longer term trend), and the lowest im looking is just above the lows of this pullback in the potential reversal. im not switching to heavy bear unless we start making new daily lows in this pullback, (around the $60 level here) then aiming for new 52 week lows, and im not calling this a reversal until we breakout and confirm a daily uptrend (in the $70 region). ive drawn how the hourly pattern could start its way here or there. my bias is short, but my strategy overall is more neutral at this juncture.
long SPXL 67.24 I went long eod if u look SPY bounced off 100 day
look daily SPXL on support has higher lows
stoch going down see they turn here
Look weekly stoch up over bought but up so the pull back will be small
what we dropped 10 points Phew we can do that 1 day
Target 78
They will do what then can rally this they want those bonuses eoy
and if we break no big deal add on shrts.