NASDAQ forming a CUP pattern and a "W" pattern
Both patterns are trend continuation patterns.
The usual target for a Cup is the 162% extension which happens to coincide with the 6100 level.
UPDATE: "DO NOT BUY THIS HIGH VOLUME DIP!!!!!!!"
There is not much more to say about it. I would not jump in anymore if you don't already have a long position, because the risk reward ratio is not very favourable any more. The move has already started.
IF it comes back to the 100% level before reaching the target, it might be worth another trade.
.png)
If you think this to be useful information:
DISCLAIMER: I provide trading ideas using EW and Pattern analysis. The material in this post does not constitute any trading advice whatsoever. This is just the way i see the charts and what my trading ideas are. The author of this post is holding positions in this market at the time of this post.
If you make any trades after reading this post it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
Tell me what you think...
Have a nice day :-)
DONT BUY THIS HIGH VOLUME DIP!!!!!
Gave You a 3.35 UpVote - Just to say thanks :)
You Received an UpVote from @worldclassplayer. To Learn More, See DetailsHere
Thank you very much ;-) Have you decided yet, if you will pump up your vests?
Yes - I plan to - I had a bit of an unfortunate set back with some of my liquidity that has put a bit of a stall on pumping up my vests - quite unfortunate really, especially as we had a recent dip below 1.00
That's Life.
But - Yes - plan is to pump up Vests. A few moving parts need to align for that to come together - hopefully sooner rather than later
All the Best @ew-and-patterns
nice
nice we wait ur trading ideas which u giving using ew and pattern analysis
Onthe flip side, I have yesterday's VIX low (as well as the one just before that at 9.04) showing as a long term confirmed bottom. I'm "prety sure" teh next selloff in the VIX back towards $9 is the one to buy.
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=vix&x=36&y=16&time=18&startdate=1%2F4%2F1999&enddate=2%2F18%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
There is a famous german trader who says the VIX below 10 is always a buy. I have no experience in VIX trading though. But I can't wait for the DOW to make a nosedive, according to my elliot wave knowledge it could happen next month. This could become my best trade ever if this happens ;-) I will inform here when I see the signs.
I've got quite a few trades in mind in here actually. "Looks like" I will be adding to the oil short via USO very soon but the "fact" that the dollar "likey" wil see the low set yesterday again makes me "skittish" about new USO short adds even if it is now approaching 10.10 and I "know for sure" it will see $9...at "sometime" in the future. :-)
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=uso&x=53&y=8&time=18&startdate=1%2F4%2F1999&enddate=2%2F18%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
But the MOST intrusting thing overall is the fact that oil, silver, gold, the general market, can all rally together here to hihgs that will generate a BIG drop! So I'm watching only one indicator. Sexy VIXen VIX.