Last week we talked about the possibility of a developing Megaphone pattern. We really would like to see a higher bounce up to buy our puts (or sell short) cheaper. Please take some time and look at this chart. ..lots of info on it. Notice the higher target for the low risk short set up... still haven't got there yet. If the market craps and drops below the...
Last Post was about the possible long term short set up. We have been looking for a chance to place a low risk position near the rebound high as shown. This week has been full of neat surprises with the volatility as we work our way back up. Here is the current thoughts about the Pink label C wave we need to get to the set up.
Please note the dates as shown for...
My friends that know the " Old Fart Plan" , as taught in the whiteknightmoving chat room, can see the great "buy signal" that we are getting on the weekly chart as shown here. INTC has gone nowhere but sideways for 19 years. However it has finally begun to touch the lower green Buy Line recently. That is the sweet spot of time and price. Now the stock is oversold...
Details of the Megaphone Pattern Set up here. Zoomed in to the 30 minute chart.
I'd like to buy for a quick trade near the point indicated. Just a quick call option set up I think to the ideal sell zone above.
This sell zone should be a really good set up for a longer term short sell as discussed in previous post. Don't want to get to greedy on this quick trade...
I've been traveling the country the past few months visiting friends and family. The stock market was breaking new record highs. The sell zone was hit as indicated in previous posts. The yellow abc completed near the upper blue line by the 3009+ level... very nice.
Then, the market made a sudden scary break to the downside with the Chinese Tariffs going into...
Been watching this stock since last year. although very volatile, it could provide a great buying opportunity down in the buy zone shown in green.
If we can just finish up the 5 waves down in the C wave as shown.
Just a bit lower please....!
Closer view here. Notice the black vertical line on the time scale. (FOMC minutes)
let's see if we break more lows... if this is a wave 3 down , it could really stretch out as shown by the black trail. If this turns into a bigger correction in an abc form, we'll keep an eye on the little green wave 2 label. If price breaks higher than that, then no wave 3......
Looks like the black trail mentioned a few days ago may be in play here. (I have taken off the purple trail)
I sold calls yesterday and bought puts in the afternoon when the uptrend broke the little channel for a wave 2 top (green label)
Looks like we are in wave 3 (black) down. Lets see if it breaks some more lows to confirm. This could really stretch out.
Zoomed in view of where we are. Please see part 1 and 2 for the targeted plays post moments ago.
I am short term long towards the Gartley (green) pattern completion, but will soon be going short at the sell zone. The bigger play is down
Here is the closer view of the potential Gartley pattern (green) that could mark the top of the bounce that we are in.
As we can see the set up could be a great low risk area to set up new short positions.
Although I am personally long right now, playing this bounce, my trade is a short time frame.
The bigger play will be to the downside following the black...
It has been a while since I've published an update. The pattern still looks like we will see the market continue the big pull back. The target looks like the 41.4% retracement of the Dec-May rally, mentioned 3 weeks ago. We haven't reached anywhere near that level yet.
In fact it only looks like we have completed a small 5 wave move to the downside. Today we can...
Closer view of where we are now. This 2 hour chart shows a possible completion of wave 4 (blue) today. If this ending diagonal (blue) pattern holds true, we may expect the finishing (pink) ABC move up towards the final wave 5 (blue).
This would complete wave D (green) of the larger Expanding diagonal shown in Part 1, near the 3000+ zone.
After that point is...
Could this be the bigger play? Could we be in an expanding diagonal? We are in wave D (green) now. We have seen the (yellow) A -B- and now finishing wave C. If so then today should mark the low for wave 4 (blue) in an ending diagonal pattern. This could provide another push up to 3000+ zone, before a massive drop down to (green) E.
We've been looking at the extreme complacency that traders have as shown by the VIX. Interesting ratios that seem to be turning points... will these ratios hold into the future? Interesting for sure.
Please take a moment to look at all the information shown here. Notice what happened last year in the Jan -Feb 2018 sell off. See that spike high?
Compare that Feb...
Here is the closer view of previous long term SNH chart. Lets see if we can get the RSI to reset on the bounce looking for wave 4 and make some money!
We are looking for the rsi to diverge with higher lows and price to make lower lows... lets see what happens!
SNH - has been killed and "thrown away" recently as the earnings have disapointed, having a 50 cent loss on the most recent announcement. Last Friday the dividends were cut to only 15 cents a share! Most traders are thinking the good old days are gone now for this stock.
I have followed this stock since April 2018 and have been delighted with the dividends. At...
This is disturbingly low! This means that we should be very careful about the recent highs in the market... due for a pullback soon... as VXXB begins to put in a bottom near the lower channel support line
Hmmm... just looking at the bigger pattern. Looks like it will soon have a pullback.
A little more up should complete the smaller Crab pattern.
This should top out the black wave 3.
the pullback should chop us back down to the green buy line for wave 4 (black)
Then another push up to complete the wave 5 of 3 (red label).
When I see the topping area for the Crab...