Expanding Megaphone to break Up

CME_MINI:ES1!   S&P 500 E-mini Futures
Chart says all. Bear Trap forming, don't get caught!

Indicators are rising, probably got a retest dip to the TL and then bounce like mad. Be ready!

Trade at ur own risk, not advice; GLTA!
Comment: It moves but so far so fast omg I closed out longs, pullback likely imo
Comment: As z3m25 points out, megaphones are bearish patterns and the 50% retracement of the third wave in the cone often breaks DOWN rather than up; must trade with extreme caution here folks, IMO this one can break either way: Senate passed the covid relief package, headed back to Uncle Joe for endorsement. Might bull to the top of cone TL again and could break higher... here's a useful education idea for your consideration:
Comment: rejection under tl; next wavedown may break 3700
Comment: Bear flag forming under the TL; expect lower imminently
Comment: At a critical juncture, if it breaks above the TL could start bullish momo; if rejects, headed much lower IMO
Comment: Well it closed under the upper TL in this pattern; might be a fake breakout. I strongly suspect BULL TRAP and took no position EOD. IMHO the tech selloff is not yet over, just a feeling. I would not yet go long here, chasing these nutty rallies leads to grief IME.
Comment: Well, well well... it filled in this chart PERFECTLY OMG! Look for a TL retest on brief pullback Thursday then Bull LIke Hell Friday and exuberant senseless GAP UP AND GO on Monday 15th, LOL! Damned Bulls!!

It's broken out upside, look for a retest ~.382 fibo then strong bounce to ATH IMO.
Comment: Just Gap n Go, lol. Not chasing it.
Comment: This pullback likely represents a buy oppy, but I hate to hold calls over weekend with prices so jittery tbvh.
Did good daytrading the ups and downs, just wiggling atm.

I wondered watched and waited and see what the momo crowd did?! Expect higher still on Tuesday; might buy puts on Wednesday, depending on the waves and outlook. DO NOT GET FOMO!! Long and shorts all high risk up here, caveat emptor!!
Comment: IMO might get a parabolic blowoff to finish the bull wave, please don't get caught short in it!
Wait until it starts to decline before you short; the trend is ur friend until the end when she bend!!
Comment: Told ya to not to short it!!


Bear trap indeed, lol

Possible gap down Monday, pump on Tuesday for sure though
+1 Reply
DaddySawbucks hungry_hippo
@hungry_hippo, probly just go apeshit and buy it all back lol, i did okay but not inclined to chase it
DaddySawbucks hungry_hippo
@hungry_hippo, Yes another trap today i stepped out lol. Pump for Tuesday again IMO
hungry_hippo DaddySawbucks
@DaddySawbucks, small caps went red, the pump might be over
DaddySawbucks hungry_hippo
@hungry_hippo, just lookin at that, idk its rotated in and out of evry index all day, waiting for Tues... you taught me to wait!
You were right and tank you for posting!! Many of the EW followers are very wary of ES 4000. Any thoughts now that it's close at hand?
@dg78, Yeah I'm lookin at shorting this bear flag today (Thurs 3/18). Persistent weakness in tech drags SPY down, would be over 4k already...
dg78 DaddySawbucks
@DaddySawbucks, LOL, Was out of pocket today. Do we get a bounce or just continue down?
@dg78, small bounce to enter shorts would be typical, maybe not, wait, see
Crushing Vol - so I believe you are correct.

All morning the VIX was down, and the markets just churned sideways - the pop is coming.
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