It appears to me that a bearish diamond pattern is coming to an end - based on the qqq's direction and the overall sentiment on the direction of the entire market I would wager that its going to eventually (soon) break the lower purple line (140.15) which represents a heavy volume/price area. As you can see that level has been an area of strong adherance throughout the entire diamon thus far. It is possible that the pattern will make one more small push to the upside towards the $145 level however that pop should be short lived.
Overall PT 1 is $135.64
PT 2 - 131.04
Both the 1/20/23 $140 PUT strike as well as the 2/17/23 $140 put strike have heavy open interest and look like a safe bet with plenty of time. However I do think the trade can be exited for profits well before those expirations.
Overall PT 1 is $135.64
PT 2 - 131.04
Both the 1/20/23 $140 PUT strike as well as the 2/17/23 $140 put strike have heavy open interest and look like a safe bet with plenty of time. However I do think the trade can be exited for profits well before those expirations.
Comment:
Looks as though things are continuing as planned - market and symbol are giving a gift of extended time to load up in my opinion - possibly one last fake break to the upside before the fall - In my experience with diamons this usually happens albiet I recall it most clearly happening in the past as a fake break down before reversing up
Comment:
entry is looking really juicy right now - could be the dump to coincide with the fomc meeting - buy the rumor (tuesday) sell the news (wednesday)
Comment:
Open and shut case, Johnson! Sprinkle some crck on him and lets get out of here!
Comment:
ON 12/8 THE 1/20 EXP $140 put was right around $5.00 to $5.50 - Exit on the 20th at price target 2 netted a double bubble (high of day 11.25, close of 9.30)
in addition the 2/17 $140 Put potentially netted $500 or so per contract with a price of around $7 on the 8th and as high as $12.99 on 12/20.
I think there should be a retracement back to the lower right slanted line of the diamond ( that area ALSO happens to be nearly exactly at the .618 fib level which is just so damn beautiful
in addition the 2/17 $140 Put potentially netted $500 or so per contract with a price of around $7 on the 8th and as high as $12.99 on 12/20.
I think there should be a retracement back to the lower right slanted line of the diamond ( that area ALSO happens to be nearly exactly at the .618 fib level which is just so damn beautiful
Comment:
I'll be looking for an entry with the 2/17 $140 puts at the retest