Cup and Handle target 2970
Alternatively could break down into head and shoulders as shown in my other post.
Trade active:
looking good. target sell area is the 64 RSI on the daily candle is where it will meet a bearish divergence line. They may correspond perfectly with the price target of 2970 here.
Comment:
Assuming we've peaked for the day, a new 4H bearish divergence line is drawn showing we should have a small fakeout above the immediate 64RSI or sideways from here with the top being tested and failing no later than may 6
Comment:
Here is the 4H divergence line I drew a higher price peak with lower RSI peak provides future resistance zones to scalp
Comment:
We're also looking at an ascending broadening wedge. A touch of the top will be around 3100 max. I'm going to unload my stonks before then but definitely buy puts there because a breakdown should offer buying opportunities around 2700.
Trade active:
I've deleted the 4H bear divergence line I drew today because we suprisingly didn't peak yet and have entered parabolic retard rally. I've dumped 25% of my stonks in the aftermarket a massive squeeze is highly probable, with rebuy targets here, mostly weighted for the 1H 26EMA as it coincides with the bottom of the channel
Trade closed manually:
Day has opened well below the channel. The daily RSI has clearly rejected off resistance. I have gone short with a target of 2700
Trade closed manually:
So I went long into the ambiguous close as the 4H RSI is at a support level, the 12H candle has found support at the 26EMA, the wave configuration is still higher-high/lower-low. The mid-day pump of virgin galactic shows the bulls still have a strong hand in this and are merely allowing the price to come down. So we should see a little relief rally monday before further down, if there is further down.
Trade active:
This 6H candle found support where I expected, a little overshot from where I actually traded. Expecting to see a test of the 2850 resistance. I'll sell calls there and see what happens.
Comment:
Trade closed: target reached:
2850 target reached, awaiting confimation of continuation. will short a rejectiion
