Posted by chartboy on 28th of Feb 2021 at 11:27 am
Part of the process of putting tops in involves “gaffing” shorts
several times before the real reversal occurs and training the
Johnny come latelies to buy every dip. That gets the crowd thinking
exactly what you are when the break actually occurs.
In fact a classic bear maneuver is to trace out inverted head
and shoulder patterns, to let the uneducated bulls buy them as they
break out slights, and then immediately reverse them and break them
straight down to new lows.
Point being, the macro trends will dominate the micro patterns.
While the Dow may have made that pattern last month, the NDX and
SPX, etc have deteriorated significantly since, so the environment
has changed.
QQQ monthly chart is not pretty
Posted by matt on 27th of Feb 2021 at 02:46 pm
QQQ - Chart Link- closed with that doji, in fact the low of that doji could be a short trigger. Initial target would be the 9 EMA
QQQ - Chart Link- daily shows that if we got a bounce here ,could for a RS of a H&S pattern
one interesting observation DIA candle
Posted by arun on 28th of Feb 2021 at 09:31 am
one interesting observation DIA candle last month was similar to QQQ Feb candle and it kept going. Maybe we test that 300 and turn around
Part of the process of
Posted by chartboy on 28th of Feb 2021 at 11:27 am
Part of the process of putting tops in involves “gaffing” shorts several times before the real reversal occurs and training the Johnny come latelies to buy every dip. That gets the crowd thinking exactly what you are when the break actually occurs.
In fact a classic bear maneuver is to trace out inverted head and shoulder patterns, to let the uneducated bulls buy them as they break out slights, and then immediately reverse them and break them straight down to new lows.
Point being, the macro trends will dominate the micro patterns. While the Dow may have made that pattern last month, the NDX and SPX, etc have deteriorated significantly since, so the environment has changed.
Matt - so you are
Posted by arun on 27th of Feb 2021 at 07:08 pm
Matt - so you are looking for a bounce ?
Expect we'd need one to
Posted by fredsaid on 27th of Feb 2021 at 07:27 pm
Expect we'd need one to form that right shoulder on the Monthly no ?
Agreed Matt. 12200 looks like
Posted by chartboy on 27th of Feb 2021 at 02:54 pm
Agreed Matt. 12200 looks like a big magnet in NDX.