Fake breakdown on AAPL still resulted in returning to overbought status quickly. 12/10 end of day appears to be when pattern runs out of room. We may get up to $274 before a selloff. The trade deal is what we are playing here. This doesn't mean I don't like AAPL. It is the pattern and the situation. The risk is to the downside for AAPL. If you cannot handle...
SPX and SPY both confirmed a hangman doji for end of week last week. :) This bearish doji normally signals a reversal in price trend. en.wikipedia.org(candlestick_pattern) I am seeing a bearish pattern ending last week, bearish pattern premarket today, and bearish patterns. Weekly view shows same view of white 30Min wedge, inside blue ascending wedge, inside...
SPX on the 30Min is showing we are consolidating in a wedge. An ascending wedge is a bearish pattern. If you ask me - having a wedge, in a wedge, in another wedge should be extremely bearish. LOL We are in a white wedge (could be ascending wedge based on support angle), inside a blue ascending wedge, which is inside the main multi-week white ascending wedge. The...
MSFT showing a buy signal on Daily although Weekly view showing capitulation and downtrend has started. In my opinion, we do not see previous weeks high of $152.50 before going down into Xmas. White channel was added to pink ascending wedge. Wick down on this week confirmed channel. Breakdown of white channel around $146.65 will confirm downtrend. We need to...
Weekly view of AAPL confirms downtrend is just beginning. RSI trend is about to be broken. Weekly RSI is overbought at 76+. Bullish trend is overextended. Weekly Bullish trend has been going since Sept.2nd week. 16 weeks bullish trend was longest recently (after December 2018 selloff). 12 Weeks is overextended. AAPL is hitting blue resistance line which has...
ROKU has multiple gaps to fill down, was downgraded from Morgan Stanley today, and is overbought. Morgan Stanley downgraded price target to $110. Average Analyst Price Target - $124.93 Current price is $137+ www.marketbeat.com We need to see ROKU break the white trendline to confirm the lower gaps may get filled. Price may bounce off the white line back up,...
THIS IS NOT READY FOR SHORTS/PUTS YET. I WILL UPDATE WHEN I ENTER This is a great way to play the trend down and then long again on the way back up. :) I am overall bullish on LMT and their business model. But this chart says it's due for a correction. There is a series of charts I am finding with patterns which end mid-2020 which also coincides with...
Seeing ROKU have a little retracement up made me recheck the chart. As we see, ROKU forming a Bear Flag on the 1HR. Price is very close to breaking 10WeekMA. Downtrend should continue once this occurs. RSI breakdown trendline coincides with Dec. 5th, same as ROKU Bear Flag breakdown point. RSI should not get over 70 - or consider exiting bearish Puts/Shorts....
To be clear - I like MSFT and I am long term bullish on them. I play the pattern and the chart. Chart is bearish currently. This doesn't mean I don't like MSFT. Weekly view shows MSFT is just beginning the downtrend. I think we go down to yellow support at least with current correction. This will fill top 2 gaps. Bottom gaps may all fill with broader market...
THIS IDEA IS NOT READY YET IMO. Looking for ideas I came across UTX. I was hoping to play the UTX merger in a bullish way, but the chart pattern is bearish. We have an ascending wedge looking to end around May 2020 - Same as SMH, AAPL, SPY, and others. I think we can catch a small rebound inside the white triangle. My entries are either breakdown of the white...
We are in a good position to enter a downtrend for AAPL. This fake news about China will not hold. Chart shows we are at end of pattern on Weekly view. White uptrend line just broke this week. RSI trend on Weekly view just broke to downside. Filter Dots confirm downtrend has begun, even though today we see a little rebound upwards. We should be crossing the...
Weekly trend for SPX/SPY is turning bearish. We flashed a sell signal on the weekly candle yesterday. This is significant as this happens AT the turn down. 0.618 Fib Extension is around same level as 10WeekMA. The blue support is around 0.50 Fib Extension. Multiple things line up. :) Indicators RSI trend on Weekly is maxed out and very close to breaking down...
Price was moving in white channel last night and broke into yellow Bear Flag pattern. This provided time for price to balance on the way down without shock. It also provides time for 10WeekMA to come up and meet price. Price goes below this red zigzag line and we continue down based on past history. Indicators RSI Trend line will be shown in Part 2 of 2 Next...
Happy to see some of my friends on here making money this morning. Glad we saw this coming! As we continue to work this trade, I have others into January and February. So things are stacking up nicely. :) Top gap got filled. Two more gaps below to fill (farthest gap down is $295). Exits for Shorts/Puts- 1st - RSI 30 - price will rebound upwards. Time exit...
SPX confirming downtrend this morning - NO RETRACEMENT :) Filter Dots show trend is already mid-level. We can get to blue support line without a break. Watch for price to stop at 10WeekMA zigzag line. Will update chart around this time. Looking at previous downtrends, we see that RSI normally goes to 30 before any price pause/small retracement. We should expect...
AAPL is very close to breaking white trendline support - Wednesday or sooner. Price may pause at yellow line (ascending wedge pattern support line), but I feel will continue lower. Cross of 10WeekMA and break of pink channel support line will confirm downtrend. Watch RSI for continuation. Price should not go much lower than bottom blue line (which is long term...
MSFT looks to be breaking the current ascending wedge pattern. Price is breaking down right around the previously estimated breakdown point (white arrows). Yellow support line is exit (or top two gap fills). I am not sure the bottom gap will fill. Price may pause - need to determine further entry after top 2 gaps fill. After this next MSFT correction, this...
QQQ confirming we should be seeing a broader market pullback. Price breaking pattern at correct time. Price is reaching down towards 10WeekMA. If we cross red zigzag, this should confirm continued downtrend to white support. May be best to secure some profits at 10WeekMA, as QQQ looks to lag after the initial drop. RSI and Filter Dots confirm downturn started. ...