itssean310

itssean310

$MGM was in a triangle pattern (2 blue lines, you can zoom out) from late 2008 until just breaking out in August of this year . With the Bollinger Bands expanding, I'm looking for at least a retest of that triangle ~17.71. A further target would be the green line

itssean310

Just for a point of reference. This is a monthly SPX with modified yearly Bollinger Bands. I was bearish up until yesterday. But as it appears we are peaking above the yearly bands- as the saying goes: when the facts(charts) change, I change my mind. No idea where resistance is.

itssean310

I feel the odds favor Firstenergy breaking this downward trend line. Risk is to upper 36 area. Reward should be upper 42 area, filling the gap

itssean310

I'm looking to possibly add to my position around the mid- 24 area

itssean310

I figure that it is inevitable that we revisit the purple trend line. (Maybe end of August, beginning of Sept)

itssean310

This is a HUGE 'what if' scenario. Only going by past 4 corrections. Similar angle of decline, similar time frames. I posted this chart of what could POSSIBLY happen. I am not great at predicting the future that far out. But as a trader, one should notice patterns in the past and see if those patterns repeat. Take this chart with a grain of salt. Chart readily...

itssean310

Will be watching for a big move if we ever break the pink trend line.

itssean310

Just an observation of a downward trend line for the last 20 years. Strong possibility of breaking trend line with Bollinger Bands expanding. Could possibly rise quickly (taking into consideration this is monthly chart)

itssean310

Not sure we'll see target #1, but pretty sure we will at least see #3 (14.75ish level)

itssean310

There has been a lot of activity around the down trend line. However, we are very close to the pink support line. I would look for a quick pop above the down trend line soon.

itssean310

It will be interesting to see this chart play out. If we clear the pink down trend line line, we should follow along the grey trend line (drawn thru the gaps). It should be soon, as the Bollinger Bands are expanding.

itssean310

Hopefully we get a close above 24.40 tomorrow in order to stay in this upward channel .

itssean310

I think we should see a break of this triangle in the next few days

itssean310

I feel it is possible that we stay between ~23.00 and 24.00 for about a week before we bounce off the upward trendline and head higher as the Bollinger bands expand.

itssean310

If this indeed is the beginning of a pullback, I believe we will sell off at the normal rate of decline. This should put us around 1563 or so by next Friday(4/19) and would be an excellent time to assess current market conditions, possibly being a buy point

itssean310

This long term resistance line is at 4.22(12/13) and is declining fairly rapidly (~.05 per day). I believe a break of resistance would be pretty bullish.

itssean310

If WPRT can make it above the $30 level (2.10 above current price), i think it could reach a target of mid to upper 40s

itssean310

Short term target in JNS around 7.50 before returning to the 9.00 level. Also of note: Dai Ichi has been accumulating a position since the end of September