GLYC - Another Nasdaq Short

Here's another Nasdaq stock to short in consideration that there may be a correction coming.

GLYC has printed the SRP shakeout up-down whipsaw that is so often a signal that the trend has changed (as we saw with Bitcoin recently).

Strong bearish RSI divergence since much lower in the uptrend could be a big clue that this will have quite a tumble.

And so I have entered a short position here 👍.

Not advice

Trade active

Trade closed manually:

Is close to engulfing the upper wicked candle and so the bearish case is nullified for now.

This might be a good one for a stock market correction if it reveals more bearish signals, perhaps at resistance above but exiting here.

Comment:

Printed a nice looking shakeout yesterday and now it does look like its rolling over.

Also noticed it is a 1.618 extension from the lows. So I have re-entered a short position here with some limit shorts above also in case there is a bounce.

Comment:

1.618 extension "Golden Window" where it overshoots passed the 1.618 but not beyond the 1.786. Most reversals are within these.

Comment:

So this appears to have topped at the reverse 1.618 extension and then made a limp ascending channel that appears to be an inverted "Creek."

This is where the bearish cause builds up before it snaps to the downside.

The Inverted Creek ascending channel tops out in the retracement Golden Window between 0.618 - 0.786.

Bitcoin in 2021 printed a similar manoeuvre as the bear market began.

Notice also it is falling below the 4 hour 50 moving average; signalling that that momentum is shifting to the downside.

I will aim to sell my short around Support @ $2.20 and that will be for roughly 30% profit 👍.

Comment:

Notice with Bitcoin in 2021; the weak bounce tops in the retracement Golden Window and the Inverted Creek that is also an ascending wedge is the cause building event that leads to a snapping point and the bear market begins

Comment:

As described when I made this thread, the point here is to trade through an index correction and the snapping point for GLYC appears to have arrived as Nasdaq has gapped down 2% today as "hotter than expected" CPI has today reported inflation rising to 3.1% in January.

We'll see if GLYC fully breaks down from here.

Trade active:

Little shakeout rejection at the yellow 4 hour 50 moving average.

I have added to my short here.

Comment:

The weak ascent has Pattern separated and the downside is becoming very shallow here.

So this looks like it may move on up and I have exited for tiny profit.

This trade was made as a hedge against a possible Nasdaq correction, but the markets are so bullish right now an no correction has come.

We may yet see a Nasdaq re-test of the previous ATH and I may find a suitable short, but this isn't it and this could pop to the upside.