This short term wedge pattern will likely resolve this week. I'm expecting a breakdown to the 4.50 area and then maybe more upside. Patience may give the opportunity for a good entry point.
Looks like a wedge or triangle is forming in AMC. My entry was pretty bad this morning, so I wanted to pass along what I learned today. Looks like AMC has another few weeks of relatively sideways movement before another significant leg up or down.
This chart analysis is a bit of mess, but the price action in the last 10 sessions leads me to believe that we will see around 960 by earnings. This would be a setup for another new high if the market likes the print. Options action around 900 middle of last week seemed to indicate a push higher. Having said that, I really don' know if the consolidation from the...
Short term target for SPY is 503 over the next few weeks. This is the area of the most support with the gap up. Upward channel from the last 3 months was broken several days ago, and now we are in a different technical situation.
... For short term traders only ...
Trading on 4/3 will likely confirm a downward wedge in NVDA. If the wedge is correct, there will likely be a reversal early next week near support.
Will be interesting to see the price action on Monday and Tue. If a significant drop occurs, 870 might be a place for support if we can start to form a wedge.
