DBC and DJI busted through penant. All downhill from here.
hungry_hippo
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BTW, commodities (DBC) & oil also forming a symmetric triangle. Everything hinges on the Fed.
hungry_hippo
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Doji + reversal candlesticks + futures negative in the afternoon = massive gap up in the morning
...or at least that's the way it's been going.
Would not be surprised at all if there's a reversal back upward tomorrow. Every single stock I looked at either shows a head and shoulders pattern or a reversal candlestick. Euro stocks also showed reversal and went down today. Too good to be true for shorts. Who knows, maybe they let it drop for a day so they can pump it back up.
hungry_hippo
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LOL, I was right. At least BA, COUP and OSTK went down right away. When BA hits my target, I'm buying CSCO puts, triple top on the hourly chart, looks just like GM daily chart. All indices forming a pennant or triangle of some sort. NDX rising wedge, DJI symmetric triangle. The tip of the triangle converges next Thursday (Fed meeting).
hungry_hippo
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After your comment on SPY, I took a closer look at the 2015/2016 correction, Good possibility that we double bottom on NDX/RUT and have a lower C wave on SPX/DJI. The problem is that it triple topped (in a 2 month span) before heading down. I suppose the timeline depends on what the Feds do next week.
Playing it safe and cashing out tomorrow/Thursday. Only buying more puts if NDX tops out again (on 2 year channel line). Got in way too early this time. Too much FOMO, need to play it safer (and make more money).