VIAC versus the lower highs

Posted by foody518 on 10th of Apr 2021 at 05:09 pm

VIAC versus the lower highs downtrend line from back in 2017
https://www.tradingview.com/x/glB4UuVm/

My opinion is that they are both valid and I have also seen some overshoots of the wedge lately; but I do think it could offer resistance.

Using triangle target projection, the triangle could measure to 74-75,000.  (no guarantees of course  :)     https://school.stockcharts.com/doku.php?id=chart_analysis:chart_patterns:symmetrical_triangle_continuation

Charting question for anyone to answer... if you draw the upper trendline from the Feb high instead of the March high, you get a bearish rising wedge (that also contains the shorter term coil).  Is one pattern more valid/likely than the other?  

One scenario is coil breaks to the upside for a short term pop, then the bearish wedge potentially comes into play.  (Though, these days, I see some rising wedge BO's go to the upside, so maybe this is the new bullish scenario.  Ha!)

Just checked Coinbase and sure enough you are on it! 

It is trading around $60,300 right now on Saturday morning. Anxious to see if it holds up through the weekend. 

Bitcoin trying to break out of its coil

Posted by matt on 10th of Apr 2021 at 10:23 am

DJIA Weekly Close. Notice how

Posted by goldnice on 10th of Apr 2021 at 07:29 am

DJIA Weekly Close. Notice how this {Wave 5} bull market blowoff top has subdivided into it's own 5 wave fractal structure which is standard policy. Target for a {Wave 5} top is around $36k. It's amazing what $24 trillion in global government printing can accomplish. As long as we stay in this large {Raising Wedge} everything is bullish. Once it breaks down out of the raising wedge we will start probing for bear plays after the {Wave 5} top gets hammered in. Enjoy this blowoff top while it lasts. 

Hi Matt/Steve, do you have

Posted by kevindeng0727 on 9th of Apr 2021 at 04:57 pm

Hi Matt/Steve, do you have any study on what happened after SPX's RSI5 gets to ~90? It seems like even in the best case like 2017, some small pullback is needed. Other times saw 5-10% correction more often.

Thanks & enjoy your weekend.

nice gap fill!

SPX daily still at 3970

SPX 2 day candlestick jumped up to 3938 so only about 30 points lower than the daily

The weekly SPX jumps from 3600 to 3745 nearly 150 point jump

The 120 min jumps to 4088

After Steve's wise words, closed

Posted by lapri24 on 9th of Apr 2021 at 04:09 pm

After Steve's wise words, closed out today's AMZN call EOD, AS PLANNED. I noticed also that the stock is almost completely out of Bollinger Band. By holding till EOD, doubled the profit :)

AAPL is also very much out of BB, but the calls I bought today I planned to hold them to next week. Much less stake than AMZN call. Phew.

Its been LABD all day

Posted by roger on 9th of Apr 2021 at 04:08 pm

Its been LABD all day until 3:15 when LABU got the one minute psar buy signal for a snapback rally

Get at least one of these a day.  Good for a buck and a half in 20 minutes

SPY Breakout Trade update

Posted by matt on 9th of Apr 2021 at 04:07 pm

With the nice market move higher since the SPY Breakout sub system went long Tuesday a new hard stop has been generated at 406.16 for the SPY ETF

I agree pull back next

SPX 5 min

Posted by fredsaid on 9th of Apr 2021 at 03:57 pm

I agree pull back next week is likely.  Closing my longs and adding to VXX.  Close enough to 4140 imo.

SQUEEEEEEEZE Somebody must be getting

SPX 5 min

Posted by profmel on 9th of Apr 2021 at 03:53 pm

SQUEEEEEEEZE Somebody must be getting slapped around!

looks like last week.. oh.

SPX 5 min

Posted by steve on 9th of Apr 2021 at 03:51 pm

looks like last week.. oh. and the week before (Late Friday Rallies)

‘Blow off tops’ dont happen

SPX 5 min

Posted by mitchell on 9th of Apr 2021 at 03:51 pm

‘Blow off tops’ dont happen over 1-2d. Impatience, as Steve points out will undermine any trading strategy.  Opex next wk. 

Sorry should have just clicked

SPX 5 min

Posted by fredsaid on 9th of Apr 2021 at 03:45 pm

Sorry should have just clicked on systems ... appears that it is... probably looking for that blow off top on Monday.

Is the SPY Momentum long

SPX 5 min

Posted by fredsaid on 9th of Apr 2021 at 03:37 pm

Is the SPY Momentum long trade still open ?

SPX 5 min

Posted by matt on 9th of Apr 2021 at 03:33 pm

$SPX - Chart Link- heck of a move after that bull flag break on the 5 min

There been some talk about a potential top around the 4140 area  ...

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