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simbha
Aug 13, 2021 8:51 PM

Harmonics Long

SPDR Series Trust SPDR S&P Biotech ETFArca

Description

Weekly/Daily double bottoms.
Setting nice harmonic for a W-patterns.
Comments
diazipa
We could see a bounce from where we are currently trading at though!!! ($122.13!)
simbha
@diazipa, I am still holding for Mid-Sep Calls.
However, 118 break down can take it to the next support @100.
Only concern is Monthly MACD turned down and any rally here likely to fade and PPS moving sideways to down.
diazipa
I see; but i really think there is a high probability we bounce from here. Based on historic data, this drawdown level (in percentage terms) have yielded at least a 10% bounce in the next 100 to 200days 100% of the time. I think we can see at least $130 before the end of the year
simbha
@diazipa, Somebody heard you and $130+ is soon here..
simbha
diazipa
I am holding a bullish vertical expiring in January (long 120 call and short 130 call)
diazipa
@simbha haha i know right!!! Why can’t I time my entries this well hahaha
diazipa
@simbha good charting!
diazipa
Bad callll!!!!
simbha
@diazipa, Agree.
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