Conoveca11

Conoveca11 Updated 

Spy appears that it will be rangebound as the two different wedges I have draw come to a point at 2:30 and 4PM this afternoon. Don't recommend any short term options expiring today. I was lucky and caught the downfall this morning after it tried to break out and closed for ~90%. My guess for tomorrow is that it will break upwards based on this mornings open above....

Conoveca11 Updated 

I'm predicting a decently red day tomorrow to close the week. Weekly candles are showing a bit of resistance near the highs, the 1hr RSI is showing that a breakout above or below should be coming soon as price movement/volatility is tightening. Also, the 1hr MACD is turning down like we've seen on the other times. Daily is slowing down like it is trying to round....

Conoveca11 Updated 

Looking at the current daily/4hr setup, it appears that we could have reached a double top or megaphone pattern. The megaphone pattern usually indicates a large move up or down upon breaking out of the pattern. Food for thought on a play once broken out. Also have a negative divergence on the MACD for the double top.