chinawildman

chinawildman

Take a look at this bearish shark that formed. I think CGC will test 42.75 very soon as it completes the shark pattern. The question is whether it bounces from there and turns into a bullish 5-0, or keeps moving back down back towards the .886 and 40-ish levels again. I personally think the deal to secure future distribution in the US gives the stock enough...

chinawildman

Since VEEV isn't a pure play healthcare stock it's difficult to say FOR SURE that wave 5 has completed. It should at least retrace here to the .382 level for now. Expecting a throwback from the major channel of the completed impulse wave. Watch that 130-132 level for a rejection... if it rejects and moves down I think we see an AB=CD pattern to complete wave A...

chinawildman Updated 

Looking at the weekly chart and it seems like it's going to pull back to the lower wedge TL in a larger consolidation pattern. Indicators have been mirroring its action last Sept/Oct which isn't a good thing. There is a small bullish cypher with a PRZ around 43-44 that will bounce to 46. There are various bullish gartley/crab/butterfly patterns that can be draw...

chinawildman

I read an article recently citing Jeremy Gundlach stating that bear markets often start w/ a crash followed by a complete recovery. That fact surprised me so I went and checked out the chart for 2007. Surely enough, the market collapsed when the subprime crisis took hold, but then immediately recovered to the ATH and beyond. What also struck me was how similar...

chinawildman Updated 

Pulling back to the monthly chart on SMH and you start to see what's getting bulls excited. There are 4 clear consolidation wedges and we appear to be breaking out of one right now. It also appears to be the breakout of a cup and handle formation or the start of measured move upwards. Despite all that I'm still near term bearish (see related posts). Take a look...

chinawildman

Anybody charting this stock should be looking at it on a log scale considering its wide range in such a short time. The log scale shows that the stock is clearly in a downward channel and entering waterfall mode. Will enter a short position if it bounces a bit here to the top of the channel but not even considering a long position until it closes that gap at 44....

chinawildman

196 lines up gap fill, top of channel and 1.41XA extension which is the upper bound of the bearish butterfly PRZ. Interesting that it closed red on a day SMH melted up... feels like smart money is already on the way out before SMH retests the ATH. PT is .382 retrace @ 168 at the top of the ichi cloud.

chinawildman

As expected pot stocks have been getting smoked in the near term despite market still being in bubble mode... Broke another support today. Markets will probably pull back a little once NQ taps the ATH in the next wk so expect pot stocks to ride down with them in the near term. 36 area is the .618 retrace of the bearish cypher and also the buy zone of the bullish...

chinawildman

Expecting a bullish surge some time in the next 3 trading days whether in the form of an exhaustion gap or blowoff top. Probably will coincide w/ a double top for NQ as well. My guess is it will break the rising wedge on the pullback, then try for another top (unless earnings REALLY blow). I would short chipmakers on any gap ups at this point all the way up to the...

chinawildman

My gut was right... FB looks like it's breaking out of the shark PRZ and wants to run. Target is 188 if it can close outside of the PRZ.

chinawildman Updated 

Nobody sells when these 2 names are in the headlines. There's no better catalyst in the market right now, not the Fed, not Trump tweets, not economic data. MMs pump futures relentlessly when they negotiate because they know nobody's selling in fear of missing the big pop when the deal is made. Tonight seems like more of the same... Looks like the crooks will get...

chinawildman Updated 

Action right now reminds me a lot of August of last year. Despite having 3 separate peaks that painted bearish daily divergence, the index gapped up relentlessly out of a shallower channel that had formed in the previous months as a result of a few pullbacks. The exact same thing is happening right now. I'm expecting this leg to top out next week when price taps...

chinawildman Updated 

At the absolute top end of the large shark pattern. I jsut closed all longs. If it punches through here it would be extremely bullish but it's already been going parabolic this week.

chinawildman

Similar to SMH, NFLX looks to be painting a picture perfect 1.27 three drives pattern potentially terminating around Apr 12. There's also an inv H&S pattern within the current channel that supports the same target around 387 which is the Oct 2 high. The move down will obviously require some kind of negative earnings reaction. Target is around 310 but w/ no...

chinawildman Updated 

GLD retesting the breakout from long term TL and sitting on top of the 20WEMA. If it breaks down from 121 here then it'll prolly revisit the 200WMA around 175. Prolly try a long tomorrow.

chinawildman

If SMH retest its ATH of on Apr 12, it will paint a textbook three drives pattern w/ 1.618 extensions. Normally I have to fudge a bit on the candle wicks to fit a three drives but this one's perfect as-is. We're already in the PRZ of the large shark pattern from the ATH, and the retrace targets of both bearish patterns line up perfectly. Look how many gaps are in...

chinawildman

Looks like a rejection from the TL which happens to be in the PRZ of a bearish shark. Target is 275.

chinawildman

Major TL and previous high converge as support paired w/ bullish cypher PRZ. Way overvalued stock, but I think it'll bounce to the .382 retrace at 158 if it doesn't plunge here. Hourly RSI turning up...