I'm suggesting this is one version of two that I have about the possibility that this is the start of a descending triangle pattern. Because it's a longer term pattern, that gives us opportunities within that time if we can identify 1. If it's actually a descending triangle (can only know on the next low) and 2. Figure out which one of my two charts marks the swing high (current rally high).
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Mind you, I only drew that Upper Red Line based on the apex and the high. It may be off a bit since I only had the High and the Low of the range to work with.
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SPY about to drop. Currently $278.50. Just wanted to toss that out there.
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UPDATE Link
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Anybody Still following this?
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Let's see if the chart still holds up 2 months later. Interesting action this week.
Thanks for the heads up!! Bear divergence everywhere.
SOXLite
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Keep up the good work. Predicting this market is very tricky but you are the best there is. I have learned a lot from your videos and charts. Keep them coming. They are much appreciated.
GratuitousMastication
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Dang, SOXX & SOXL are already near their low from when S&P was at its lows. I bought in some SOXL at 128.5 but now think I might have started buying too soon.
GratuitousMastication
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Indeed
gghsusa
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Sho'nuff. Very nice
SOXLite
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Sold long position today at close. Looking for 2640 e-mini to go long again. Your chart made this too easy.
RHTrading
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@SOXLite, Can't express how awesome it is to hear that haha
CelalYazici
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i agree your idea , ddo you have new idea ?
SOXLite
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Trump is making me regret selling my short yesterday. It appears that SOXL is in a head and shoulders rising wedge formation similar to last summer when the top of the head was $113 or so on June 9 before correcting all the way down to $78 on July 3. What are your thoughts on a bottom for SOXL? I am thinking in the $90 range given the heavy up and down price action in that area going into the big rally last sept.
SOXLite
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This pattern is playing out beautifully for me so far. I sold my short today at close. Looking to buy it back tomorrow after a small bullish bounce to the new resistance line.