In 2008, the IWM completed a head and shoulders top two months before the SPY and DIA did, effectively predicting the coming crash in the SPY. Is the same happening today?
It got hit hard, but pink support lines still hold. We will see if there is a bounce from the support.
A quick chart for TNA...abcd could be in the cards. Has retraced a 61.8 and bouncing. I'm early in on 1st long position Safe trading Ladies & Gents BM After posting chart: ( The fib should have been at the exactly top - then a perfect spot on 61.8 retrace could be seen)
So far so good... hopefully the red support lines and the 10 day MA can hold, but the pink support line must hold, otherwise the "cat bounce" story is over and the drop will continue.
Pink lines are the resistance, and blue lines are the support.
2007 and 2011 had a nice bounce after initial drop. Are we going to have a same one this time? Do not know. Given many people are shorting (including myself), and sentiment is so negative, I think it might be possible (short squeeze ?) Also it appears TLT is right on support right now, and hopefully it will bounce up (instead of breaking down). So watch it carefully.
Possible change of trend. Need to wait for final print close at the end of this month..
SPY has formed a shooting star Doji near a all time high, which is likely to form tomorrow. A red candle tomorrow would confirm an evening star reversal pattern. Also notice the mini Head and shoulder within the larger Head and shoulder pattern. The major resistance and support levels are labelled @ 184.62. 181.31 and 174.03, would be places to take profits at...
Used this chart to start short positions three times so far at 1,618 fib area, backed by bearish divergence. Bullish wick at 50 fib area is be aware of and evaluate positions and risk. Reverse bullish divergence might help a higher beta performance this coming week. Cheers and the best of luck Panos
calculated entry 112 - short term - long iwm -
It' hard to narrow down exactly where the QQQ's could hit resistance, since the SPY/DIA are still above their pivots. But I have two tentative points. Either we test the 50 ema and sell or form a H&S pattern. Both scenarios will favour my bullish gold thesis. Although i prefer the former. (as GDX is at it last level of retracement before turning bearish.) The...
This is my first real look at IWM but this trend stuck out to me. Small cap stepping down looking for a strong support around 107.
Looks like a double zigzag is in the cards ... but could go lower for the 1,168 fib for completion. A capitulation flush and then a strong bounce up. But i'm hesitating to go in for more than a scalp here. Monday could be the day of good timing after a friday sell off before close. Time will show Safe trading here ladies and gents! BM
Ratio between $IWM and $SPY reached important support. Maybe it has a little more down but the risk of a bounce here doesn't make the reward worthy. $SRTY position from March 3rd, at upper BB boundary and 1,618 fib,closed yesterday Cheers Panos