Jump to content



Photo

Something like this; dangerous. Prob will bounce and turn back down


  • Please log in to reply
4 replies to this topic

#1 viccarter

viccarter

    TRIN_Rida

  • Traders-Talk User
  • 1,825 posts

Posted 28 March 2018 - 05:12 PM

2018-03-28_1708.png


Edited by viccarter, 28 March 2018 - 05:13 PM.


#2 viccarter

viccarter

    TRIN_Rida

  • Traders-Talk User
  • 1,825 posts

Posted 28 March 2018 - 05:17 PM

I think it's dangerous and indecisive.  I bought the 3/1, 3/2 bounce, but not this.  However, I do think we bounce a little here.  Why am I not buying?  My read is indecisive, getting some buy signals, but also some danger signals.  Don't want to be on the other side if this thing turns down before I think it will.  Hopefully, I will get a good short entry in a bit (if it manifests).



#3 kaiser soze

kaiser soze

    Member

  • Traders-Talk User
  • 884 posts

Posted 28 March 2018 - 05:28 PM

Agreed 100 %.  Trend is clearly down.  However megacap tech stocks are so oversold that shorting here is high risk.  And GLD + GDX precious metals complex has turned down so spectacularly with a gap island reversal.  If traditional inverse correlation holds, stocks may be due for a turn-around.

 

Not to mention some sectors are showing clear relative strength and the momo crowd may rotate into these.



#4 Geomean

Geomean

    Member

  • Traders-Talk User
  • 1,177 posts

Posted 28 March 2018 - 08:43 PM

Today’s action looked like cardiac arrhythmia
Opportunity knocks on your door every day-answer it.

#5 tsharp

tsharp

    Member

  • Traders-Talk User
  • 1,487 posts

Posted 28 March 2018 - 09:13 PM

It appears to me that the expanding triangle morphed into a diamond formation, which seems to also suggest consolidation before a continuation in the downward ST move... twt.  There could also be another day or so of bouncing around between the contracting TLs of the diamond's right side... we shall see.

 

SPOOS_15_3-28-18.jpg

 

Link to chart: https://postimg.org/image/rq42kd955/