SPX is a very good bull flag cloner Unless the swing low at 1900-1910 is taken out by another low, major correction has not come yet.
Comments
Smarttrade1st
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hit the 1970 today, will it bear next week?
jangseohee
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tradingview.com/v/2qVdoXpR/, follow up with my previous SPX post
Yes, it hit 1970 Momentarily. Unfortunately, i am not a subscribed user, hence i can't post any time frame other than d, w, and month
Now, you need to know that its only a possibility...
On 1H chart using your own trading platform, the last two candle looks to me like tweezer top, hence next monday, the price MUST break 1971.2 (the high) to negate this tweezer top. If break 1971.2, still under 1H chart, my next anticipated resistance will be 1980 (200ema) - 1985 (my link), breaking through this zone, then the next logical and psychological major resistance the whole world is looking at will be 2000 :-), IMO, i would prefer to analyse like this rather than anticipating whether it will bull or bear next week. Would this make the analysis clearer? :-)
That's how i analyzed in my style, can be right and wrong sometimes...
also, bull flag is also part of a downtrend channel..
I only suspect a bull flag when i draw this bull flag cloner, but after friday's close, the bull flag is completed :-0
Bull flag is supposed to be continuation of uptrend, theoretically although there is always an exception.
Smarttrade1st
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thank you very much (y)
jangseohee
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No mention, i have more short positions using put options but expire in Jan 16.. if bull keep going up, i am prepared to stomach some loss first...:-)
Smarttrade1st
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Good luck to you :), let see what happen next week, hope we all make few $ :)
jangseohee
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Same to you too, i just closed my LYB position last night, sell 114, buy back 102 using options :-)
Smarttrade1st
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I don't know how much about options, I am so new in this trading need to learn alot more!
jangseohee
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It's not a problem, when i started in Jan this year, i am clueless also, start reading up on Technical Analysis book... keep looking at chart, trading is the hardest profession ever.. must not give up :-)
From there, learn about options/futures because, we cant afford a 100,000 USD AAPL trade