TSLA is currently forming a triangle wedge pattern. It's best to wait until the wedge breaks, but if you are impatient, I would short TSLA.
TSLA has formed H/S pattern, with QQQ forming a triple top, I see there's more possibility the stock will retrace back to $320 level.
Tomorrow will be a very interesting market. We got strong hammer candle on VIX/full bearish red candle on the SPY.
The interpretation of the two candlesticks is simple. A lot of buying activity is happened on UVXY price around 12, thanks to @jgm0706 who called $12 as a bottom months ago.
On the other side, SPY, we have a full red candle...
Hope you all playing well in this volatile, abnormal, and preposterous market.
UVIX and SPY are currently at possible reversal.
UVIX: currently at demand area. 14.40 - 14.60 area is strong demand zone, we may see a reversal from here as SPY is also at a possible reversal area.
Make sure to place SL below $14.30, we may see $12 if this area...
Elliot completed the cycle, from 0-5 and A-B-C. It Failed to move higher than 5, last high of the complete Elliot cycle.
RS1 acted as the trendline, (5) was a false breakout.
Housing risk - In March 2021, government-mandated forbearance periods for millions of mortgages will end. No further assistance is proposed as of...
SPY has reached the upper downtrend band and most likely reverse its trend from here.
UVXY has been holding green buy area strong even if SPY was rocketing recently.
I believe long-waited UVXY will pop pretty soon, TP area is shown in the chart.
Good luck all!
Today I've noticed two bullish confirmation which gives a high probability of trend reversal.
1. Hammer candle
- This shows buyers start to take control over shorts, confirms 19 areas successfully acted as support.
2. Green volume picked up
- buyers are increasing, another confirmation that many traders believe 19 is bottom.
We may see a reversal...
VIX is forward-looking data that tracks the premium of S&P 500 index options which expires in the European way.
It does not necessarily move the opposite direction of the S&P, but it historically mirrored the movement of the S&P.
Looking at SPY, in the 1-hr chart, it's trending down, lower highs and lower lows. 50-SMA acted as resistance at the last lower...
TSLA enjoyed run fueled by Robbinhooders and Vision fund, but the glory days will be doomed.
I believe the gap between fundamental and the price will be reduced this time, by around 50% decline at the current price level.
If RS 1 acts as resistance on Tuesday market open, we may be able to take it as a confirmation to the downside.
Possible price target...
UVXY formed three white soldier candle pattern today. This is a bullish candle pattern, which demonstrates there's a high probability of continuous uptrend.
We may or may not see a double top depends on S&P's volatility, which I think very possible.
New all-time high means time to consider shorting the market especially there is so much gap between fundamental and equity.
Usually, this is the time when institutions and big banks take their profit and dump all the leftovers to retail. VIX will be a good hedge to an unexpected fall in the market.
UVIX recently got out of the falling wedge, which can be a...