DaddySawbucks

Expanding Megaphone to break Up

Long
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.
Comment: WARNING: DO NOT SHORT YET!!!

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!!

Comments

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
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DaddySawbucks hungry_hippo
@hungry_hippo, Yes another trap today i stepped out lol. Pump for Tuesday again IMO
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hungry_hippo DaddySawbucks
@DaddySawbucks, small caps went red, the pump might be over
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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!
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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?
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@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...
Reply
dg78 DaddySawbucks
@DaddySawbucks, LOL, Was out of pocket today. Do we get a bounce or just continue down?
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@dg78, small bounce to enter shorts would be typical, maybe not, wait, see
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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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