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SquishTrade Updated 

A head-and-shoulders (H+S) pattern in the IWM suggests more downside. A while back I posted about the downward breakout from a nearly 12 month trading range in IWM. At the time, I had not seen the H+S pattern that had formed. The breakout (violation of the neckline) in the H+S pattern occurred several days after the downward breakout of the trend channel....

SquishTrade Updated 

XOP is the ETF for the energy sector's oil and gas exploration and production sector. Despite the market indices (US) experiencing a high degree of volatility and technical damage, the energy sector has outperformed all other sectors in in 2022 (and late last year). A cup with handle has formed, which is a bullish consolidation pattern made famous by legendary...

SquishTrade Updated 

Nasdaq 100 and NQ! (E-mini Nasdaq Futures) are at make or break levels. A bearish flag pattern has formed, which is visible on intraday charts such as the 130-minute chart shown above. A bearish flag, according to famed technical analyst Martin Pring, is a parallel trading range accompanied by a trend (uptrend or downtrend). In a downtrend, he says, a flag...

SquishTrade Updated 

Russell 2000 represented by its ETF counterpart IWM has now broken a major 1-year support level. This level has provided support (with only minor breaks that ended up reversing) since approximately February 2021. Interestingly, IWM had a failed breakout / rally back in early November 2021. After about 12 trading sessions, the breakout completely collapsed and...

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Using Fibonacci extensions , the likely target in the next couple weeks is about 7.00 to 12.00 for AMC stock. In applying the extensions, begin with the November 8, 2021 high on the daily chart and trace the first segment of the extension to the December 14, 2021 low. The retracement / bounce (ending December 21, 2021) carries higher to approximately 32.23:...

SquishTrade Updated 

Last week, I posted about AMC's technicals and how they point much lower. This update is meant to augment the original post by showing the sub-wave structure within the larger Elliott Wave structure that I posted last week. The larger Elliott Wave structure (the highest degree of trend) started downward at the all-time-high (June 2, 2021). This larger...

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Fibonacci extensions that measure the current decline against the next previous decline show a downside potential target of 25,433 at the 1.0 (100%) extension. Essentially, this means that the current move is likely to be parallel and proportional to the prior move down from all-time highs (the Nov. 10, 2021 to Dec. 4, 2021 decline). The current decline began...

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US technology sector continues to get crushed. The chart above is a equal-weighted version of the tech sector. An ominous H&S pattern appears that was confirmed a few days ago by a decisive break of the neckline on higher volume. With the speed of the decline, October 2021 lows may well be taken out. However, a reversal could present an excellent long...

SquishTrade Updated 

NVDA is one of strongest tech winners from 2020-2021. Long term and perhaps even in the intermediate term (6 months), it's probably right to remain very bullish on this semiconductor / chip stock. It's a play on the metaverse as well. But with the selloffs continuing this week in the Nasdaq 100, NVDA is now nearing critical support levels at $258-260. If...

SquishTrade Updated 

Initial Consolidation and Breakout On April 13, 2021, NVDA broke above a cup-shaped consolidation with a resistance level / pivot of approximately $615 / share. It reached a new all-time high of $648.57. It then began pulling back. Until today, a cursory glance suggested that the bullish consolidation may simply be progressing even with the pullback, forming...

SquishTrade Updated 

TSLA seems to be trending higher in the near term. Note that seasonal weakness typical from late-August to mid-October warrants caution and perhaps smaller position sizing. The trend analysis points higher based on the following factors: 1. Decisive close above the 8-day EMA today, August 12. 2. Upward breakout from wedge pattern. The wedge pattern began forming...

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Today appears to be a downward breakout from a triangle pattern in DISH as price falls below the lower rising trendline of the triangle. The long-term (secular) trend has been downward, which adds some weight to the downward thesis here. The target is approximately the maximum depth in the triangle projected downward from the breakout point. Lastly, having a...

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The accompanying chart shows longer-term Fibonacci levels, including retracements (blue) and extensions (orange). Note how TSLA's price has been trading narrowly between the $704.45 and $735.44 levels. Support seems to be holding firm at approximately the $700 level.