2nd glance at this chart showed an ascending wedge pattern, instead of the channel from previous chart.
Ascending wedge is normally bearish. Slope of wedge is high indicating break to downside.
MSFT barely broke daily trend line today (thin white line).
Max entry price for shorts/puts which I was considering was $155. I do not think we will get to $155.
All bottom indicators either broke trend to downside at end of day, or are going to break tomorrow (Bottom filter dots indicator).
Several down gaps to fill. Fractal from blue box shows same retracement will fill all gaps (with wick down into bottom box).
MSFT declines previously seem to take longer than usual.
For this reason, I will be using a put option (30 days out) and adjusting as we decline further out or taking profits to exit trade.
I expect this market downturn to last through Christmas as people take profits. Banks and institutions are not leaving profits in before year start.
They are able to write off losses, increase shareholders earnings, and then recycle back into the market in January.
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, VIXY.
Short SPY and AAPL.
MSFT put tomorrow 11/21.
Ascending wedge is normally bearish. Slope of wedge is high indicating break to downside.
MSFT barely broke daily trend line today (thin white line).
Max entry price for shorts/puts which I was considering was $155. I do not think we will get to $155.
All bottom indicators either broke trend to downside at end of day, or are going to break tomorrow (Bottom filter dots indicator).
Several down gaps to fill. Fractal from blue box shows same retracement will fill all gaps (with wick down into bottom box).
MSFT declines previously seem to take longer than usual.
For this reason, I will be using a put option (30 days out) and adjusting as we decline further out or taking profits to exit trade.
I expect this market downturn to last through Christmas as people take profits. Banks and institutions are not leaving profits in before year start.
They are able to write off losses, increase shareholders earnings, and then recycle back into the market in January.
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, VIXY.
Short SPY and AAPL.
MSFT put tomorrow 11/21.