The reason this TA is a meme is because it's based in reality. When something looks like this and you get excited about a single candle when the trend is EXTREMELY clear, it could be the bottom, sure, but this is not the most likely trade here. Bottom picking has it's merits but not in trending markets, especially when things are asynchronous. Odds are, if markets...
"Please provide a meaningful description of your analysis and prediction"
First of all, we're traders, not predictors. My crystal ball was destroyed once I learned about risk management.
Analysis in trading involved buying big green bars and seeing how it goes. Theres nothing meaningful about it. Its TA, anything complex is wrong.
SPY had a big green bar...
DPST retesting its exhaustion candle. Makes for a good long term hold
See yinn for an example akin to this
and maybe labu
the reality is things arent selling off, and even if they do, im okay with this.
keep in mind i really dont study other peoples setups that much, or indicators, but the trend in this market has been for red candles to be followed by red candles.
We just had a large red candle. Thus we have a short setup
I'm not saying that these charts are the same as 2008, or that their followthru will be the same as 08, i'm just saying the setup is similar.
therefor the market is a short setup currently, and we have a better entry today than we did last week at close.
Wow. I normally don't enter things anticipatorily but my FNGD, SOXS & Drip Positions seem to be extremely well timed. Could be a weekly setup entered on the 15 minute charts.
I've moved stops to >Breakeven and will trade the weekly setup.
This is crazy. Nasdaq could fall like 30% from here, as the average bear market takes SPX to 3k, which hasn't happened...
Pictured above are QQQ, FNGD, DRIP and SOXS.
Significant selling is taking place. You don't need indicators, lines, or any other form of TA to see it.
Be extremely cautious here. Upside is limited, downside is quite high.
Catalyst was the fed boomer speaking the other day, the boomers have moved the market to large degrees frequently.
My positions atm are soxs...
Could bounce off the 50w moving average here.
50w MA bounces can often lead to huge moves.
Nasdaq weekly chart inverted is a momentum large cap ATM and may finally go parabolic off of a bounce like this.
As a result I'm eying shorting things after the macroeconomic nerds post their inflation data.