Well that gap never filled and so lesson learned - they dont all fill, but I did say previously a gap was not enough to hang a hat on.
Anyhow said in the previous thread that an ascending channel correction may lead to another corrective descending channel but this looks very much like an impulse to the downside, not a correction and will most likely break the lows.
Here you can see the ascending channel broke but then a steep collapse followed. It has been very volatile recently and did bounce and so I didn't enter, but once it failed at the ascending channel trendline and collapsed back down it seemed clear the dominant trend is resuming to the downside and I entered in the expanding continuation pattern with a stop loss above the top for defined risk. This pattern is better viewed on the 3 or 5 min chart but TV doesnt allow me to post under 15min
Btw if you like this patterns and entry technique I'm learning and sharing with you as I learn, props go to @jojofang0901, who is a great educator and trader as can be seen by his recent certificates.
Not advice.
Anyhow said in the previous thread that an ascending channel correction may lead to another corrective descending channel but this looks very much like an impulse to the downside, not a correction and will most likely break the lows.
Here you can see the ascending channel broke but then a steep collapse followed. It has been very volatile recently and did bounce and so I didn't enter, but once it failed at the ascending channel trendline and collapsed back down it seemed clear the dominant trend is resuming to the downside and I entered in the expanding continuation pattern with a stop loss above the top for defined risk. This pattern is better viewed on the 3 or 5 min chart but TV doesnt allow me to post under 15min
Btw if you like this patterns and entry technique I'm learning and sharing with you as I learn, props go to @jojofang0901, who is a great educator and trader as can be seen by his recent certificates.
Not advice.
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SPX getting smashed - covered my short at the low.
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SPXUSD open and instantly printing a contracting pattern which good chance is a continuation pattern. I have alarms and stop above the top. If I do get stopped out then I think there will be a larger correction to at least pull back to 0.382 4192, but the momentum is very strong to the downside now and this may well just carry on down as it was last week.
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Triangle broke down so I brought my stop to BE but it bounced back and I'm stopped out. Will look again tomorrow. Looks like it wants to drift.
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More corrective PA overnight formed yet another ascending triangle to collapse down, but just as with the collapse following the triangle has not really threatened the lows so far.
And with some minor bullish divergence coming in on the 1H chart this could be a Wyckoff accumulation beginning here. Too early to say but the early signs are there. If it does form an accumulation my guess is it will be to form a larger correction perhaps up to 0.382 as said before, but I dont think this larger impulsive downward trend will be denied finding lower lows too long.
If it breaks down I have my alarm ready and I'll be looking for a LTF continuation pattern to get in on an impulse ala Jojo.
And with some minor bullish divergence coming in on the 1H chart this could be a Wyckoff accumulation beginning here. Too early to say but the early signs are there. If it does form an accumulation my guess is it will be to form a larger correction perhaps up to 0.382 as said before, but I dont think this larger impulsive downward trend will be denied finding lower lows too long.
If it breaks down I have my alarm ready and I'll be looking for a LTF continuation pattern to get in on an impulse ala Jojo.
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Also may be in the process of forming ST in B here, could go lower then pop back up.
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Typo in previous image - SC selling climax should be below only.
The recent low did hold and so that provides a 3rd pivot to form a potential ascending channel. There are many permutations but its now on the radar.
The recent low did hold and so that provides a 3rd pivot to form a potential ascending channel. There are many permutations but its now on the radar.
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Typo in previous image AR not SC*
The recent low did hold and so that provides a 3rd pivot to form a potential ascending channel. There are many permutations but its now on the radar.
The recent low did hold and so that provides a 3rd pivot to form a potential ascending channel. There are many permutations but its now on the radar.
Comment:
The ascending channel was respected and selling pressure front ran the 4th pivot upper trendline.
I didn't short because this is a rising corrective pattern that can extend, but I have been finding some Nasdaq stocks on overextended bounces to short.
I'll post these later.
I didn't short because this is a rising corrective pattern that can extend, but I have been finding some Nasdaq stocks on overextended bounces to short.
I'll post these later.
Comment:
SPX has closed below the ascending channel and that could be that potentially because thats a completed 3 wave ABC and also worth noting that the 30min candle closed below the lower trendline.
It could also be a 5 wave ABCDE, but i'll be looking for a continuation pattern to get short if it breaks down. Making good on the Nasdaq shorts I bought. And I am charting NDX also but I dont have time to post everything.
As I'm writing SPX bounce here so this area may be a shakeout reversal and perhaps a further ascending channel correction.
It could also be a 5 wave ABCDE, but i'll be looking for a continuation pattern to get short if it breaks down. Making good on the Nasdaq shorts I bought. And I am charting NDX also but I dont have time to post everything.
As I'm writing SPX bounce here so this area may be a shakeout reversal and perhaps a further ascending channel correction.
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LTF expanding pattern here could be forming the trendline rejection to take price lower. I wont enter here though becuase its too close to a lot of noise. It needs to break down first.
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This is starting to look very bearish. Big star on 4 hour printing. I'll probably get short soon
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Breaking down here but I dont want to get caught up in the correction that could yet still bounce so I will wait and if/when SPX rushes passed the low with impulse I will set a limit short at $4103 looking for a re-test.
Comment:
Broke down and re-tested as described but has now bounced hard to form a daily hammer and a shakeout reversal pattern through the lows and the 1.618 extension and so I have exited again.
Hard to tell what happens next, time to watch and wait again.
Hard to tell what happens next, time to watch and wait again.
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But thats fine with this method as long as my higher time frame bias is correct which it does seem to be so far.
So I got stopped out by the wick in the ascending channel. And using my own method I might go short at the shooting star close and notcicing it peaked around 1.618 extension, however I wanted to use Jojo's method and wait for the breakdown because - although a long wicked star makes it much more likely for further downside the actual downside break makes the percentages even better with very little gain lost and so I re-entered as the ascending channel broke to not risk getting caught in the upward correction.