dereckcoatney
Short

Since I Pissed Everyone Off, Here is a Bearish Structure :)

AMEX:SPY   SPDR S&P 500 ETF TRUST
My word, trying to let folks know that we might see a pop next week has ruffled some feathers. There is still a possible bearish structure that captures the last month's price action, it's just not as tight as the channel that seemed to serve as temporary support today.

There is this wedge , which we could still be within. It's wider than the previous one I had been looking at. I don't particularly like the channels because they do not support much of the price action until the last few days, which I had seen as backtesting of the old wedge on the lower end and an overshoot on the upper end.

That said, I would still expect us to test the top trend line again before failing from the structure.

I'm not trying to be a traitor. I am of course still absolutely bearish and am still maintaining my positions, but the rising wedge I had previously described was not really playing out well.

Comments

Was just FaceTiming my dad over seas. He sent me some Omaha steaks. I said thanks for the steaks we just ate some, he said “paid for them with profits from Zoom, Fsly and Tesla”. I immediately almost vomited the steaks back up. But god damn, can’t rip on him at all. I’ve had 3 glasses of wine since then, reflecting on the disgust of the market, thinking of going long. Then 5 minutes later I find myself finding new VIX oddities from prior corrections and taking notes etc LOL....

WHY!?
+3 Reply
What matters is the right side of every chart. Always have a bear and bull case... thanks for you all you do and sharing your ideas!
+1 Reply
My man LOL
+1 Reply
Why "traiter"
You just telling your opinion
Things can change and so your analysis
Stock buying is not about your loyalty
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Fucking bears (eye roll emoji)
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till it breaks the lines , it is in the lines
play the bounces - up and down
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Enjoy following your analysis! Keep up the good work. I think most are bearish in the sense that there is an inevitable drop coming it's just a matter of timing it right. Cheers!
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Thanks
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LOL, you're good! You gotta call it like you see it!
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