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Clear as day, NFLX earnings boosting us up into trap. Was planned all along.
We had a pennant breakout on the daily to the upside which in hindsight makes sents with FOMO into legalization on Oct 12th and bullish major trend.
I expect selling to take place at $63 area or basically the wedge resistance - wedge is from 2016.
If you take a look at the behaviour of the REI index before, during, and after the 2008 recession and present day. The REIT is in blue, the S&P500 is in red.
REI index is outpacing the S&P500
REI index is converging with the S&P500
the indices both fell together with the REI falling more aggressively
REI index recovers quicker and ...
Crude long on throwback to resistance as highlighted.
Top chart is NQ 4 hr - we have a throwback to resistance breakout possible, here is where I will long. The /ES below looks bad however.
H&S about to break down, target is to support line around $200
Interesting why anyone would go long at this point.
Hard to short this stock cause you don't want to get caught in a squeeze, IV of 250% rules out puts and that leaves selling deep ITM calls.
Last 3 days on S&P500 have been testing for supply at former ATH from Jan-Feb 2018. No supply came in!
This is bullish in my eyes because the onus is on the bears to come in provide supply. Of course, this theory get's invalidated if we break & close below the April wedge support line.
- throwback to former resistance
- throwback lines up with 1 hr outside lower bollinger band
On megaphone resistance retest is a support area to buy after H&S neckline broke
Expecting bounce on wedge support before next leg lower
If it breaks down on this neckline inside an already bearish ascending wedge then alot of selling will ensure.
Longing NQ at the channel support is a good play.
Simple support play
The red down arrow is clear to me
Good odds short setting up soon, on resistance line of wedge.
Price moving out of descending triangle (bullish) right into descending wedge (bullish) resistance to perform a throwback retest before the launch up.
Playing it with the 19OCT 220 puts.