the daily market may top out again, but for now as long as we are above VAH consolidation levels the reversal trend may remain intact.
the ability of this market to recover fully is still very much in question, but for now the daily levels in major equities are reading a technical squeeze.
the daily trend could still retrace to VAH, and very well may sell off...
since its leveraged taking small target
patterns 1 to 5 have completed, while ABC correction is in progress according to Elliott Wave Theory. The impending downtrend is likely due to profit-taking amidst overbought conditions, coupled with weakening investor sentiment and potential market corrections, signaling a short-term bearish outlook.
Looking like this next couple of weeks can be green again. Following that I do expect November and December to be bearish for the SPX indices. Good Luck!
SPXL SPXS. The Direxion Daily S&P 500® Bull and Bear 3X Shares seek daily investment results, before fees and expenses, of 300%, or 300% of the inverse (or opposite), of the performance of the S&P 500® Index....
This is the 3x Leveraged ETF for the SPY, and at the moment we have a 3 Line Strike with a PPO Confirmation Arrow at the HOP level of a Bearish Deep Crab with Bearish RSI Divergence.
If this plays out, I think the SPXL will at least make a 0.618 Retrace of the range, but it could go as deep as 100% or even more.
🔹POSITIVE signal from the rectangle formation by a break up through the resistance at 86.23 and next resistance 113.
🔹Between support at 75 and resistance at 95.
🔹Technically positive for the medium long term.
Chart Pattern;
🔹DT - Double Top | BEARISH | 🔴
🔹DB - Double Bottom | BULLISH | 🟢
🔹HNS - Head & Shoulder | BEARISH | 🔴
🔹REC - Rectangle | 🔵
🔹iHNS - inverse...
look at the sideways action and broke up and out boom.
look Daily stoch turning over look vol getting less.
I sold 3/4 @ 89.20 keeping 1/4 on. support 82. Waiting to
add.
I see Nice 10% correction coming
Stop on SPXL is 78.95
I have been DCAing into SPXL and TQQQ the last 3 months. 5% left to allocate for these accounts and will DCA that the next 3 weeks presumably into any pull backs.
We got the MA 200 break out folks. Holding this trade for at least 1 year.
Yes, it's true, believe it, today the only one structure that could take us down has been broken, it was a raising wedge crossing the symmetrical triangle, so, every stock that you buy and fall could recover making new market gurus.
- SPXL has broken the ceiling of the falling trend in the medium long term, which indicates a slower initial falling rate.
- SPXL is moving within a rectangle formation between support at 62.45 and resistance at 83.75.
- A decisive break through one of these levels indicates the new direction for the stock.
- The stock has marginally broken up through resistance...
Of course this is a leveraged ETF, but the underlying indexes, SPX, and futures, /es both look the same. The context is as follows:
I looked for previous years where the S&P500 had a large drop, and then formed a flat top wedge over the coming months. I found 3 instances that you can see annotated in the charts.
If you examine these formations you will see that...
Yes, we are in the middle of something, let me explain.
we have a well formed rising wedge that is a bearish pattern, inside of an giant bull flag in theory we should se that pattern ending but that pattern is inside of 3 symmetrical triangles, one confirmes another 2 close to be confirmed, the symmetrical triangle is a reversal confirmation, so we should see a...
SPY at resistance, trendlinebreak + retest
SPXL is 3x Bull SPY, if SPY down 10%, SPXL will done 30%.
Short entry 74.8
Stop 80
Target 60, 50
Risk management is much more important than a good entry point.
I am not a PRO trader.
In my trading plan, the Max Risk (hard stop) of each short term trade should be less than 1% of an account.
![SPXL: SPXL - Rising Trend Channel [MID -TERM]](https://s3.tradingview.com/c/cIidRJ6f_mid.png "SPXL - Rising Trend Channel [MID -TERM]")
