SPY has finally arrived to the June 17th, 2022 lows to form that double bottom (Yellow Circle). At the close of day on 9/23/22, SPY formed a hammer candle on the daily timeframe right atop the demand zone . On the weekly, SPY hovers closely above the 200 day moving average. Also, I have noticed that SPY has a MACD crossunder on the weekly timeframe . In contrast,...
Past Price Movement Analysis SPY is currently moving within a broadening range to the downside apart an overall corrective wave. SPY recently broke the previous structural high at $406, creating a higher high and making its third rejection at $431.71 off of the major resistance line of the broadening range (solid white line). Following this rejection, SPY then...
BABA has returned to the demand zone within a large range measured between $73.28 and $126.27. It is currently completing a price consolidation within a larger falling wedge at area as well. This is great area to start averaging in a longterm position in addition to the trade idea presented below. Ideally I want to enter trade when stock price drops between $74...
SPY broke below pennant (blue dotted line) and also broke below $386.83 to create a new lower low. It is also trading in a downward flag pattern. SPYs sell off on 9/21/22 after Fed meeting sent the ETF from $389.31 to $377.38. This move filled most of the GAP between $376 - $379, which was created on July 14th/15th. The 9/21 trading day candle on daily timeframe...
Could be wrong but this is what I’m seeing on TSLA today. Forming a falling wedge right at the handle of this cup and handle. The current pre market bounce is also occurring at the previous breakout resistance indicated by the two circles. I also found that this wedge is forming between the 61.8% and 78.6% fibs. Lastly, all of this is in confluence with the...
FDX has broken out of this falling wedge / bull flag pattern on the daily in addition to breaking the 200MA again, right at previous resistance turned support. It has also broken structure to create a higher high. NYSE:FDX Trade Idea: Wait for pullback & retest of the red wedge resistance line & 200MA to show they have turned support and begin the formation of...
TSLA is currently consolidating within a pennant on the weekly. Market sentiment suggests possible bearish move below the pennant but with the way the market has been fluctuating, it is more important to wait for a clear breakout of this pennant into either direction. Last week was a bearish week for TSLA. It ended with TSLA showing some rejection of the 50 MA as...
XOM is consolidating within this rising wedge that is also in confluence with the HTF 68% FIB level as a larger pullback. If price breaks down from this wedge over the next two days, you could see a large move to the downside. Can day trade part of the move or swing the entire move. STEPS FOR ENTRY: - First confirm trend change by watching for price action to...
XOM is consolidating within this rising wedge that is also in confluence with the HTF 68% FIB level as a larger pullback. If price breaks down from this wedge over the next two days, you could see a large move to the downside. Can day trade part of the move or swing the entire move. STEPS FOR ENTRY: - First confirm trend change by watching for price action to...
MRVL is consolidating within this large pennant flag. I have marked levels and alerts above and below the current price to monitor for a continuation upward or a reversal back to the downside to fill gap. Your Thoughts?