Love the charts and agree we are due for a longer term rally! Today's May expiration is going to be the worst in 38 years which is going to make for an exciting June cycle!!! I think more likely up but havn't done my calculating yet until I after I do it with today's closes. Think the chief got scared off because after he posted his aaii data the market tanked both times lol!!
Looks like QQQ is about ready for a bounce
Started by
Chilidawgz
, May 19 2022 04:22 PM
21 replies to this topic
#12
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lasergirl
Posted 20 May 2022 - 10:59 AM
Bully's last stand right here @ SPX 3870.
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#13
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lasergirl
Posted 20 May 2022 - 11:37 AM
Where's the volume to confirm the pattern...it could also be leading diagonal.
Fib
Leading diagonal. I believe that's the correct answer.
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#14
fib_1618
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Posted 20 May 2022 - 12:58 PM
Where's the volume to confirm the pattern...it could also be leading diagonal.
Fib
Leading diagonal. I believe that's the correct answer.
Without the volume component to verify such pattern structures, it's only a (emotional) guess.
This includes symmetrical, inverted, ascending, descending and right angle triangles, diagonals, wedges, head and shoulders, rounding tops and bottoms (cup and handle), rectangles (trading ranges), diamonds, double tops and bottoms, pennants, flags, horn formations, gaps and even a simple trendline. As many like yourself know, being a chartist is simply reading supply and demand factors that drive valuations in either higher or lower based on the volume (fuel) pushing prices in this same direction.
Fib
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#15
Chilidawgz
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A fool and his money... (the second mousie gets the cheese)
Posted 20 May 2022 - 06:43 PM
Bear in mind when I post a chart, I am a trader not an investor. I am neither a bear or bull. I trade what I see as probabilities.
Here is a post from Sven on current market status, he is seeing what I am seeing.
(original charts is not showing? Here is another attempt)
Edited by Chilidawgz, 20 May 2022 - 06:53 PM.
Anything can happen...what's happening now?
No one can forecast the future. No one.
All stocks (ETF's) are BAD...unless they go up - William O'Neil
When The Time Comes To Buy or Sell, You Won't Want To - Walter Deemer
#16
Chilidawgz
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A fool and his money... (the second mousie gets the cheese)
Posted 20 May 2022 - 07:05 PM
Anything can happen...what's happening now?
No one can forecast the future. No one.
All stocks (ETF's) are BAD...unless they go up - William O'Neil
When The Time Comes To Buy or Sell, You Won't Want To - Walter Deemer
#17
K Wave
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Posted 21 May 2022 - 09:13 AM
The 2 problems I have right now are the TSLA major breach on Friday, and the still potentially very bad break on the Trannies.
The trannies look like they may setting for a fairly common pattern of, big breach of support, then 2 -4 days of drip drip drip lower smaller candles, followed another huge candle down.
I still see something like this as a real possibility for trannies, unless bulls do get a big turn back upside on Monday...
Edited by K Wave, 21 May 2022 - 09:13 AM.
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
#18
K Wave
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Posted 21 May 2022 - 09:33 AM
And for those who might say the Trannies pattern I posited is preposterous...
Well...Bitcoin just did the EXACT same thing....
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
#19
Chilidawgz
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A fool and his money... (the second mousie gets the cheese)
Posted 22 May 2022 - 04:38 PM
Bear market rally's.
I don't like the thinking bull or bear market labeling. I prefer to think of markets as
trending. I trade off the four hour and 15 minute charts. I look at the daily as a higher
time frame (which is currently in a downtrend) for reference of trend. I am about to enter a
swing trade long on the QQQ. Q's are due for a counter trend rally.
My chart postings keep getting deleted (too many hits?)
Edited by Chilidawgz, 22 May 2022 - 04:39 PM.
Anything can happen...what's happening now?
No one can forecast the future. No one.
All stocks (ETF's) are BAD...unless they go up - William O'Neil
When The Time Comes To Buy or Sell, You Won't Want To - Walter Deemer
#20
Chilidawgz
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A fool and his money... (the second mousie gets the cheese)
Posted 22 May 2022 - 04:56 PM
Anything can happen...what's happening now?
No one can forecast the future. No one.
All stocks (ETF's) are BAD...unless they go up - William O'Neil
When The Time Comes To Buy or Sell, You Won't Want To - Walter Deemer
