Chart Pattern Analysis Of SQQQ.

Feb 2

https://www.tradingview.com/x/I8Fc9vvO/
There is a bearish triangle pattern here,
K5 failed to close below the bottom of the pattern to start another bear run.
It seems that the support is effective after a second test of K5.
The demands along the support keep increasing.
So,i bought it here to establish a tentative tiny positions.
I am expecting the market will soon price up to test the nearest neck line.

If the following candles try to break up the downtrend line or even break up it,
I will also try to buy it.

Long-64.6/Target-78/Stop-62

Mar 8

Note

K6 started with a bull gap, but failed to close upon the neck line to start another bull run immediately.
It seems that the resistance is still effective.
But with the increasing supply pressure,
K6 failed to close below K5 or close at a lover price area.
It is more likely that the following candles will break up the resistance.

On the other hand,
If the following candles still consolidate around 74-70USD area,
It is still a good place to buy it.
Considered K6 created a higher high,
It is not a good idea to hold the long-term positions at US stock markets.
It is the time to short it.

A nearest potential price target at about 80-100USD area.

Apr 12

Trade closed: stop reached

Apr 12

Note

From K2 to K3,
It is a strong bearish engulfing pattern.
It verified a fake up of K2 and verified the strong resistance area at 80USD.

At this case,
It seems that another bear run had started earlier from K3,
Or a larger scale consolidation will lasts for more months.
So, I think it is not wise to short the US Stock Market anymore.
I will have to wait and try to find other chances.

On the other hand,
If K4 is another bullish engulfing pattern and close upon K3,
It is likely that K3 is just a shake out candle.
And the potential double bottom support is very solid.
But I think the possibility is relatively low here.