Fomenka

Bearish H&S in USB

Short
Fomenka Updated   
NYSE:USB   U.S. Bancorp
Yet another H&S structure (with smaller fractal in red noticed a while ago). Now the structure is confirmed by a rising wedge which may be already complete or in its final stages. Tomorrow USB will report earnings. This could make the price swing and complete the wedge or break down from here. Either way, I will be buying puts today. This chart made me reconsider BBT trade where I saw an alternative interpretation in line with my bearish stance on USB and the market in general.

Trade active:
Yesterday's jump on earning completed the correction. I have bought some put options and today I will be selling my BBT holdings.
Trade active:
Closed my puts with a small profit to wait until the price corrects as described
Will buy October puts on this correction (if the broader market also confirms the end of the bounce)

🚪 t.me/EnergeiaCharta

🌏 energeiacharta.com

⏱️ Timely updates of WTI, Gasoil, NatGas charts explaining every twist

🗃️ Extensive analysis archives

📏 Chartopedia, with examples of applying ElliottWave to real world charts
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.