Thanks for this chart this past weekend...it really helped me feel comfortable with my short Friday at close-g.
stockcharts.com
I notice that on the last 2 fake breaks (let's assume this is #3), that the indices make a decent go, post-break, at the previous "break" line again. In fact, for each of the 2 sessions after, before heading down. I wouldn't be surprised to see that again tomorrow, and maybe even Wednesday....am expecting a run back to 2050-2055...although, as those days did, we could candle down lower..say to 2000-2020 during day...
(I hoping that Csco will continue building that nice upward sloping wedge/triangle tomorrow.....help me out: Could you draw the neckline in your mind from H&S pattern (would be upper-sloping). Would that comes out around 20-21 tomorrow? If so, perhaps last move up tomorrow (and action of last couple weeks) be considered a retrace to neckline, and then BOOM down....see what I mean? Is that a legit scenario?)
Re: Nasdaq. A day or two more of up (producing lower high) would tidy up the scenario (symettry with previous fake breaks), allow us to hit a turn date (OK, not at "THE" high, but a high) on either Tuesday or Wednesday.....right on the Bradley...
After that, we hava a week to hit your preferred 1870-1900 area, one which should generate some fear I reckon (break of 1940)...16th brings another Bradley...
Oops, I guess this "new" scenario messes up my QQQs at 41-42 scenario (max pain) at expiry....
On 2nd thought, let me think about this obviously off-the-cuff piecing.....As you know, I usually find a way to work all stuff in....even if I have to hammer the square block in the round hole-g
(Shooting for 5 hours sleep tonight!) |
