DaddySawbucks
Short

I SPY a Gap 2 Fill in Descending Triangle!

AMEX:SPY   SPDR S&P 500 ETF TRUST
Simple idea. Triangle is ominous as these typically break thru the floor of wedge , although a rally is not out of realm of possibility, seems less likely every day.

Fourth trip to bottom of the wedge usually breaks the floor. There is that gap to fill, which might occur Tues ; if not, 1/8 gaps never fill, so maybe not a good bet IMO .

Getting more bearish daily. Expect the megaphone to unroll soon. This is not advice; trade at your own risk. GLTA!
Comment: LOL; while tabbed out to publish this idea the T-yield flattened and we tanked deeper, yay!
Trade active: How about that fill! Now it forms a pennant centered on the resistance line.
Nice work Daddy!
Reply
DaddySawbucks PipMiesterStronger
@PipMiesterStronger, I didn't make a penny off this idea; I figured on a modest lift, not a monster wave. Still rode it out only slightly battered. This is either the end of a retracement, or the beginning of a double top.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out