Nice rally following the selloff, but a question remains; are we going to have a right shoulder or not? VXX and SPY seem to make H&S and inversed H&S. They both are at support and resistance. I think this is a scenario that we must watch carefully. Ofcourse, nothing is perfect in charting so VXX could go lower than reverse, or vice-versa.
Have a good day,
Comment
⋅
I havents mentionned it, but QQQ is in a wedge in the 15 minutes. Volume is low and will most likely starts moving up after lunch. This should give us at least an idea of the direction in the short time.
Comment
⋅
I failed to sell on Feds news, likely to breakout imo. I think we could have a shoulder around 283. Anyway, still early to tell. Im ready to pull the trigger if the price moves either way.
Comment
⋅
Looks like the right shoulder is in the making, still risky but it falls
Comment
⋅
The first gap has been filled on both VXX and SPY. I think it could try to go back up to 277.50, then we will see. There is another gap around 268, this one may or may not be filled.
Trade closed: target reached
⋅
I'm gonna close this one as to focus on my other chart here:
If this is an ABC countertrend rally it will fail down to fill the deep gap at 268 and Dow 24800. IF it is the 4th wave of a larger rally, it will pivot near current levels 275 Spy, 24700 Dow. Crapshoot atm!
tipere445
⋅
@DaddySawbucks, yes i agree. I think the best is to use a spread and sleep at night lmao!
DaddySawbucks
⋅
@tipere445, Dam spreads killed me twice now, bad place to write a condor, gap either way would ruin it; think I'll sit this one out, GL!
DaddySawbucks
⋅
Likely pullback to fill that gap at 275, eh?
tipere445
⋅
@DaddySawbucks, could even go down as much as 268, there is also a gap there. We will see.