Yet another short chart. Uses rate of change and gap indicator
I have no idea if this means anything. Looks interesting.
A potential reality. But I'll be watching the indicators and switch to a long position accordingly.
The indicators are telling a clearer story every day. I could be wrong, but I'm still holding my short position. Of course there's always a chance of random news and I am holding some inverse positions to absorb any shocks.
A recent survey of analysts by FactSet revealed that we're in an "earnings recession" right now and that it's expected to get worse in the next quarter. Certain sectors have been particularly hard hit, namely mining and semiconductors. Earlier this year chip companies predicted earnings recovery in the back half of the year, but that's now looking like it won't...
See indicators and annotated chart. I may switch to a short position next week if the indicators do not recover. Staying long for now and will update you all accordingly.
Notice how it experiences resistance and support according to the volume profile. Needs to cross the top resistance (in blue) for the potential of a rally. Otherwise it will be rejected quite hard downward.
$soxl $spy Volume Profile Explains the recent horizontal channel
Could this be a long pattern we saw back in March?
an impulse. $202 has to be a wave B of 2 top. Expect an A=C decline fow Wave C at $100. Wait for point 1 and 2 to be established to set up the down channel. We should have a fun time riding this down fast and furiously to $100. In between, there might be opportunities to play a countertrend bounce.
top, a perfect 1.618 wave 1 extension for wave 3, and touching the top of the channel.
SOXL attempted a breakout above its channel and above April's highs, but got rejected and dropped back down to support at the 50-hour moving average. Here it's showing renewed strength, with volume turning green and candlesticks looking bullish. I think it will make another run at 202, this time pushing through to previous highs around 208. SOXL has strong...
I am down to two counts, a preferred bullish count where wave 2 is set in stone and wave 3 in progress and a slightly more bearish count where wave B of 2 top just printed last week. The bullish count was a revision of an earlier count which calls for a wave 4 retracement of 38.2% to a target of about $165. In this case, the target is revised upwards to $183.84....
SOXL has good buying volume today, but it looks a little risky moving forward. It's entering a resistance zone from previous highs, and it's got some bearish divergences on the hourly MACD. Daily RSI is nearing overbought, and daily MACD is nearing resistance at 9. SOXL is still bullish within the channel, but look for a good entry and keep stop losses in place...