Might sell my SVXY soon
Potential Sell Target and following Buy target marked on Chart.
Interesting Chart. Might've been a flag, in which case $90 is the first area of legitimate resistance to stand up against this bull train. Otherwise we're coming up against $86 top of channel resistance
Struggling with $6,000 psychological right now.
Two sell targets based on the measured moves from the descending triangle/wedge + fibs and previous resistance.
Many chart pattern enthusiasts believe that because patterns, let's just use the descending triangle in the chart as an example, tend to breakout 70% of the way to the Apex Point (the point where the support and resistance points converge), that the Apex Point still plays a relevant role in the overall price action, regardless of whether the pattern broke out...
Lot of hints towards a retrace. Overthrow, previous resistance point. Big W. Wedge. SPY showing signs of a downside resolution. Bear divergence in indicators.
Interesting setup here. Always bearish VIX products, but can't ignore some chart patterns. (Perma-bear posting bullish chart) Selling my SVXY if it breaks above.
2 Buy Targets. Noticing some bull divergences on the indicators. Supported at the 23% Fib Rejected off psychological $250. Coming back to previous breakout of $240.
Held that level for last 9 months. Ascending Wedge