In a broadening wedge a descending megaphone pattern is characterized by five reversals, up-down-up-down-up, each swing is wider but price is constrained within the wedge pattern, without break below lower TL. The finishing move is a crushing bearish move to the lower TL.
Price came down to 200 DMA. Will it hold? Wayyy Oversold! The pattern is a bullish reversal continuation, and implies further price advance by measured move equal to the extent of decline, added to the upper TL at breakout point.
Went off -230, add +230 to breakout price, estimating upper TL at 4610, yields target price 4840 in December.
Amazing things been happening here, remember, just over a month ago price was 4300! Heeeere we goooo agaaaain!!
This is definitely not advice, invest and trade at your own risk, >DYODD< GLTA!!
Flipping calls in the open, feels like a 4th wave IMO, let's see...
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Looks and feels like there might be another leg down. The rally sold pdq in early am, see if they can lift it any higher, has been alternating up/down days and Thursday's up is weak, eh.
If MMs risk-off Friday could see the low there IMO
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Flipped QQQ puts again. Small positions, 15 contracts. Waiting to see what it really does, the rally was another fakeout imo
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There will be a Tremendous, Fantastic Opportunity soon IMO, the trick is to get there with your cash intact FGS! Be carefull peeps!!
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Flipped qqq 385, 386 calls for 1k. Real dicey!
Trade active
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Rolled calls into puts at 386 strike and flipped those as well. Choppy!
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Wild swings today +140 > -110 > +100, up, down, up... another down now? Riskyyyy
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DJI forms a bearish rising wedge, breakdown imminent IMO. Got 4/5 Elliott waves in the 4h over past 3 days, impulsive, expect lower soon IMO. No positions atm.
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Same pattern appears in SPY; NQ less apparent, choppy. Would not long this just yet IMO one more fell swoop remains. Could be mistaken, let's see...
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Flipped a few puts and got lucky on "2nd case of Omicron!" LOL. In cash, waiting...
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Yeah it's getting Bullish again. Correction just about done IMO. This whole ragged move was 4th wave in bullish progression IMO
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Be real careful here about getting long, Friday can still hold a big surprise IMO. better to watch & wait for confirms.
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Look for another sell with a higher low to signal long entry IMO; inverted H&S will signal to buy, as we saw in October
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Touching upper channel TL...
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Looks like 4500 holds...
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Omicron in 12 states now don't be surprised if we get another dip Mon AM... ofc i bought calls, lol. SPY Bull spread, only ten, won't hurt too much I hope!
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Surprise! Calls win after all... closing in the open, expect to fade the gap, within a few minutes or hours IMO... pure guesswork atm
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Trades right at upper channel TL, expect downturn, possibly a higher low? Stay tuned...
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Well, gosh, fortunately no positions on that monster gap. Who knew?! Typically price retraces to the breakout point then bulls higher. That would set back to ~4612, HOTD Monday, also the upper TL of down channel.
BUT, a Monster initiation gap like this often won't close for some time...