Nenstar and patterns are variants of Sharks. Basic form: C is lower than A. In Butterflies & Gartleys, C is higher than A.
Sharks: Nenstar D is higher than X, D is lower than X. All variants of the same theme = 'W' pattern leading to price correction.
Nice examples here: http://www.traderslaboratory.com/forums/...
NB: Final move C-D in Nenstar may extend to 1.272 - 2.00 of A-B. In this case, 147 pips for AB x 2.00 = 3060, maximum pattern height.
This is just an idea and in no way constitutes investment advice; GLTA!!
And holding FB Jun puts @ 222.5 in $5 bear spread against Fri 217.5P.
Pushback in early trade from 3050. Divergence in DJT and RUT, warning signs.
Scarce volume. Break imminent IMO
But indicators are Bearish, volume not confirm price, all the news is grim, the irrational exuberance will break soon IMO.
Made out like a bandit on the short legs, sold contracts for 88c in the AM and covered for a dime. Still looking at drawdown but IWM position is green. Rolled weeklies down $2 and out to 5 Jun.
Shorting is really tough when you get into this position it takes steel nerves to hold on. NOT letting the bulls shake me loose this time!
Short legs spread various strikes bewteen $8-10 OTM; opening with 6 contracts in each spread
Short: DIA SPY QQQ IWM FB
The subsequent free fall when smart money distributes their shares will be most impressive, a vertical selloff, no short stops to take out.
Added to shorts in QQQ IWM DIA SPY FB
Volume is low and does not confirm price action; it looks and feels like a bursting bubble; most gains are in MOMO favorites, broader market struggles.
RSI has entered overbought again and MFI is low, smart money is not buying here... see my note on short covering, the forced liquidations of shorts closes out stoploss orders, so the next sharp decline will trigger waterfall cascade again, no shorts to cover, hence a vertical drop soon IMO.