Looking for multiple inputs on this idea. I am looking for high 430s-440 (testing last resistance) to confirm this. If we pass 441 the ascending wedge will have been broken (remember this is an inverse chart - technically an ascending wedge is a descending wedge). A descending wedge is BULLISH -
What I see here is a cup and handle (remember inverse chart) that has formed an ascending wedge.
I am looking to short 435-440 for March 18th - I believe this ascedning wedge will last until 400.
Some seasoned traders say every GAP gets filled ... eventually.
The GAP that never filled on SPY is the 400 gap from April 2021.
The reason I believe this ascending wedge (remember inverse chart here) is going to 400 is because SPY has left MANY gaps since we've been in a downtrend. To me it seems SPY is trying to circle back correct the gap that never filled and then I believe we will be in a full reversal.
Please share your ideas regarding this post!!! Would love to hear everyone's ideas.
More eyes are always better than one!!
This is my first post ❤️ I have been trading for a while and finally got the guts to post.
Currently holding 440 Calls for March 18th (looking to dump at 435+ )
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
I'm neither a bull or bear, I'm a 🐺
*not financial advice - my idea, would like to create a conversation regarding this idea.
What I see here is a cup and handle (remember inverse chart) that has formed an ascending wedge.
I am looking to short 435-440 for March 18th - I believe this ascedning wedge will last until 400.
Some seasoned traders say every GAP gets filled ... eventually.
The GAP that never filled on SPY is the 400 gap from April 2021.
The reason I believe this ascending wedge (remember inverse chart here) is going to 400 is because SPY has left MANY gaps since we've been in a downtrend. To me it seems SPY is trying to circle back correct the gap that never filled and then I believe we will be in a full reversal.
Please share your ideas regarding this post!!! Would love to hear everyone's ideas.
More eyes are always better than one!!
This is my first post ❤️ I have been trading for a while and finally got the guts to post.
Currently holding 440 Calls for March 18th (looking to dump at 435+ )
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
I'm neither a bull or bear, I'm a 🐺
*not financial advice - my idea, would like to create a conversation regarding this idea.
Comment:
As I said previously if the ascending wedge (technically descending wedge) gets broken, SPY will be in a bullish reversal. That is exactly what happened. The market did not go to fill the gap at 400 but instead broke the descending wedge into a bullish reversal.