Target for us stock market (NYSE COMPOSITE INDEX) cap and handle Short

NYSE Composite IndexTVC

Description

⋅ Oct 12, 2022 12:44 PM

firstly : The NYSE Composite (^NYA) is a stock market index covering all common stock listed on the New York Stock Exchange .

the inverse cup and handle pattern, would lead as toward the red rectangle , which represent 10-13.5% fall from today's price .

the indicated zones consist of ; 2 strong supports , 1.382fib level , Hosoda target and cup and handle target .

this target would give us a correction of 30% from the ATH .

the pattern is unfortunately confirmed with the retest of the breakout . but remember , TA is only probabilities!

this is not a financial advice .

thank you .

Comment

⋅ Nov 24, 2023 9:55 AM

i will be sharing ideas from my new account : tradingview.com/u/Benterkiayoucef/

Comments

drindrin

⋅ Oct 13, 2022 12:15 AM

When shorting it, please watch Oil. From 70 (MA200) can rise (over 146= Fib 3,62) to 160= Fib 4,236 (it pumped already a little bit because of the news, that OPEC is cutting costs). Energy stocks (Shell, CVX, XOM etc.) can rise. I do not know their charts, but taking the whole market into account they can do the long wave 3. (Energy sector is just a part of Nyse.)

GER 40 is free of Oil. (When Saudi Arabia's talks with Russia were unsuccessful (interruption of the international conferences, etc.), the Germans created DAX 30 taking only "ECO" stocks into it.)

Longing Oil (when it will go upwards) can be also interesting.

I trade indexies and CFDs intraday at my bank only.

youyousag

⋅ Oct 13, 2022 12:18 AM

@drindrin, hi sis , imo , fa works better then ta when it comes to oil , because , now , if the us decide to put the economy into a recession , the oil would fall. This is my honest opinion. So every thing is related to the fed right now , waiting for the cpi tomorrow , it will tell the whole story.