ContraryTrader

ContraryTrader

Over sold on the weekly here. Daily MACD just flipped bullish . Last weekly candle was an Inverted hammer Looking for a big move back to 380 before summer is out.. Bullish Pennant setup here

ContraryTrader

Remember this, when it comes to technical analysis, anything that goes up really fast form's a rising wedge most of the time and anything that drops quickly form's a falling wedge. The Spy has risen 12% since April 21 and after this week i we will give half back and head to 533-535. As you know market goes no where without tech.. So I'll just show you the...

ContraryTrader

Ascending broadening wedge pattern showing here.. Monthly RSI is over 80 which means NFLX stands a higher chance of tagging 700 before 1300.. Daily RSI and Money Flow is absurd Weekly candle is outside Bollingerband It's just red flag after red flag for this stock I don't think this clears 1150 and I think the next stop is 900 before a dead cat bounce...

ContraryTrader

Looking for a leg up to its weekly 50 sma or 174 gap close Current pattern is A double bottom with pullback (Handle) Strong long over 161 Stop below 158 One of the things you notice on bullish pullback is the decreasing sell volume .. that usually means a bear trap.

ContraryTrader

King of the Meme.... Abysmal quarter and guidance yet stock is holding 😆... Keep it simple, I think tsla will test its 200ma this week at 291, from there we should see a reactionary pullback.. As long a 275 holds, then 315-318 is next up .. Below 275 and 250 comes next .. The full measure move here would be 360.. but that only comes if AMEX:SPY is...

ContraryTrader

April seasonality finally showed its self this past week.. You can always tell when seasonality takes over because of the volume and the fact that news doesn't matter anymore. Example - March, Sept and sometimes May are bearish seasonality.. In these months you'll notice that no matter how good the news or earnings stock still stumble... Nov, Dec, April...

ContraryTrader

I think we head to 510 next week and most likely lower... Here's vix 2hour chart (Log) Pennant here showing. My price target next week is 45. Fire works over 35 AMEX:SPY daily RSI Rolling over here at resistance Spy daily chart Pennant resistance trendline at 21ema is at the same spot 540 ish.. if price can close over that before a break below 520...

ContraryTrader

The question over the next 2 days will be is this move up real or not. First, let's look at the position things are in now. 1.Seasonality is very bullish around this time 2. Technicals are oversold and market bounced off some solid supports. 3. Earnings season is about to begin, and in my experience you usually don't see that market crashing in the middle...

ContraryTrader

Soo... I will go in detail for you so you can see where my POV comes from.. A summary of this post is a bounce. Back to 525-530 and then a possible new low to 470.. Let's start on the monthly time frame.. I will show you the chart regular then I will show you log scale (Logarithmic). AMEX:SPY regular Price is nearing a 5yr trend support That support...

ContraryTrader

I think we have one more leg down to 538-540 before earnings season kicks off next week .. NASDAQ:QQQ and TVC:DJI showing same chart I will update this more later but I wanted to get this out before market closes... Of course if we gap above trendline resistance and CLOSE above it the the resistance is negated . Another, you see that gap from...

ContraryTrader

Monster run the last 12 months... To see where we are headed we have to see how we got here Monthly chart Is showing 2 patterns 1. Cup and handle The measured move of this pattern is usually based on the depth of the cup. In this case the depth is 44% and the stock has rallied 50% since 2. The handle part of the cup can be viewed as a Ascending...

ContraryTrader

Meta has really been then engine behind NASDAQ for the past 8 months.. Nvda and MSFT both took a back seat and traded sideways since mid 2024 but Qqq was able gain another 7% from July high until February Top on a few names and meta was a big player. Going into Q2 and Q3 the technicals are showing me that Meta will most likely take a major Haircut cut this...

ContraryTrader

Logarithmic chart for the parabolic move White trendlines - Ascending broadening wedge (Bearish) Yellow trendline - Primary trend and final target Looking for a H&S play out here on PLTR for the next 2 quarter.. I don't think this stock ever breaks back over 100.00 this year! The head is forming now and will be completed at 63.00.. then comes the...

ContraryTrader

My last post on googl (See below) I showed you the rising wedge on googl at 200.. 25% later here we are.. This is a long term view. This the great reset back to the primary trendline.. This is logarithmic, logarithmic or log scale comes in handy to chart stocks or indexes that have made a parabolic move . Here's the monthly trend As you can see , with...

ContraryTrader

XLF banking sector is rolling over and this is one of the best setups I can find going into earnings Q2... My target is 64 gap close By beginning of May. Stop loss over 76.00 or 50sma. Here's XLF.. same wedge at the 50ma

ContraryTrader

What's up guys? Here's a update .. I'll cover NYA,Qqq,IWM,XLk,XLF Here's NYA Notice the price action above the yellow line? That's Wyckoff distribution. Yesterday we retest that prior support.. the next leg down on this should start. For more information just research Wyckoff distribution! XLF (Banks) Exact same chart as NYA.. Wyckoff retest... Pain...

ContraryTrader

Nasty distribution playing out here... End of Q2 target is 320-350 Monthly chart.. Reversal candle In Dec . Structure is sideways for the entire 2024 which is an ENTIRE year of DISTRIBUTION. Weekly chart My minimum target for a Wyckoff off of this size is 345 or as low as the weekly 200ma I don't think we go straight there.. I think in the next 2weeks...

ContraryTrader

Headed back to 180 price action and trendline support but first a push back to 208-210 (20ma) + theres a gap to close from March 5th I don't think price makes it back over 210 before it take a turn down to 180 BUT if price can close above 211, then we are headed here 215 price action + the weekly 20ma at 217 .. that my extreme long target that will only...