VXXB - Shark Pattern! I'm going long. Reversal soon at hand!
This is a possible Shark pattern (pink). The ratios line up well as indicated. These Bullish Shark Patterns create a "false" break down by dropping about 12.8% below the previous low as shown (the jaw). Most traders take positions after seeing that snap, but the Shark will take a nasty "bite" out of them!
It would bite the lows and then the price should reverse back up 88.6% to point D as shown out around March 21 or so.
So far these ratios and the overall pattern have a nice math ratios to set up.
I am now long VXXB.
by being short the SPY, as the VXXB is a contrary indicator.
I expect the market (SPY SPX) to reverse also.
So I have 150 March 266 SPY puts.
My opinion is obviously biased and a reversal from this mornings post with the break of the reaction line. Darn Sharks!
But I do see a huge amount of traders bullishness on line, regarding the market. I also see divergences in the RSI indicator... making the "Old Fart" say Hmmmm..... market about to drop soon!
It would bite the lows and then the price should reverse back up 88.6% to point D as shown out around March 21 or so.
So far these ratios and the overall pattern have a nice math ratios to set up.
I am now long VXXB.
by being short the SPY, as the VXXB is a contrary indicator.
I expect the market (SPY SPX) to reverse also.
So I have 150 March 266 SPY puts.
My opinion is obviously biased and a reversal from this mornings post with the break of the reaction line. Darn Sharks!
But I do see a huge amount of traders bullishness on line, regarding the market. I also see divergences in the RSI indicator... making the "Old Fart" say Hmmmm..... market about to drop soon!