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02/23/2021 Live Update

02/23/2021 Live Update

Postby Cobra » Tue Feb 23, 2021 9:39 am

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It's the same pattern as that of the yesterday, just it's the 4th push down of a 3 push down pattern (Falling Wedge), so generally should be a rebound then a revisit before a bottom can be possible. Noticed so far the 4th push down is shorter (for now) than that of the 3rd push down so accordingly the rebound upon open should be stronger than that of yesterday? That said, I cannot explain, if strong rebound again, it'd be 4th time in a row bulls tries to reverse which is kind of too predictable. Isn't it the 3rd time be a charm, no to mention it's the 4th time now, simply strong rebound every time? Wow.
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Re: 02/23/2021 Live Update

Postby jungle trunks » Tue Feb 23, 2021 10:16 am

It could get really ugly if the weekly IWM bump and run setup plays out.
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Re: 02/23/2021 Live Update

Postby cletus » Tue Feb 23, 2021 10:39 am

Why is everyone so bullish? Look at the price action lol
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Re: 02/23/2021 Live Update

Postby Cobra » Tue Feb 23, 2021 10:46 am

Almost 100% measured move down which means another leg down is more likely (the same as the opening statement just now it's more likely to have another leg down).
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Re: 02/23/2021 Live Update

Postby Cobra » Tue Feb 23, 2021 10:50 am

Maybe targeting the price channel lower boundary and this time the trend line may not hold because the previous time it's already broken, usually worse and worse each test.
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Re: 02/23/2021 Live Update

Postby Cobra » Tue Feb 23, 2021 10:54 am

The rebound here is due to the trendline I mentioned earlier. Now let's see whether Powell speech at 10 am could turn the tide or not. If it could, it'd be a big wow, Fed is so powerful.
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Re: 02/23/2021 Live Update

Postby Cobra » Tue Feb 23, 2021 11:03 am


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Re: 02/23/2021 Live Update

Postby Cobra » Tue Feb 23, 2021 11:09 am

I'll see you at the EMA20. Looks like another V reversal, the low might be in for today, unbelievable.
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Re: 02/23/2021 Live Update

Postby Mr. BachNut » Tue Feb 23, 2021 11:25 am

Mr. B reporting in.

The NYMO cycle is down.
We have made lower highs and lower lows dwelling below the zero line.
What it does going forward is unknowable.

Price has cleared a few down gaps and opened some new up gaps.
We now have more up then down gaps for the year. 8-)
Price, at the moment, is in a gap sandwich with fair distance to the next gap in either direction.
The 50 MA and middle keltner are not far below this morning's low.
It is common for break downs from the upper keltner to go visit the middle.
So, some odds are there for some more downside, but I don't know what will happen.

I am short SPX. Two profit units have been scaled out, and this is now a runner with a breakeven stop.
It all happened very fast since yesterday's close.
I am flat R2K. A short setup on deck was disengaged by relatively supportive price action the last few days.
Not sure what that means going forward.

NYMO 022321.jpg
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Re: 02/23/2021 Live Update

Postby Al_Dente » Tue Feb 23, 2021 11:35 am

TSLA entered the S&P at $695 on 12/21/20
today the last trade was $684.83
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Re: 02/23/2021 Live Update

Postby Cobra » Tue Feb 23, 2021 11:46 am

It's the bear's last chance here, looks not good for them though.
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Re: 02/23/2021 Live Update

Postby Mr. BachNut » Tue Feb 23, 2021 11:50 am

Flat. ;)

Mr. BachNut wrote:
I am short SPX. Two profit units have been scaled out, and this is now a runner with a breakeven stop.
It all happened very fast since yesterday's close.
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Re: 02/23/2021 Live Update

Postby Cobra » Tue Feb 23, 2021 12:33 pm

The pullback probably will be bought.
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Re: 02/23/2021 Live Update

Postby Al_Dente » Tue Feb 23, 2021 1:08 pm

15min
H&S cyan target met this morning
223hs.png
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Re: 02/23/2021 Live Update

Postby Al_Dente » Tue Feb 23, 2021 1:18 pm

223key sec.png
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Re: 02/23/2021 Live Update

Postby Cobra » Tue Feb 23, 2021 1:21 pm


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Re: 02/23/2021 Live Update

Postby Cobra » Tue Feb 23, 2021 1:22 pm

Very strong bull signal bar, if the next bar is strong too then we probably have the higher low. Key time.
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Re: 02/23/2021 Live Update

Postby Al_Dente » Tue Feb 23, 2021 1:30 pm

A view from the short side
10 days performance, 15min
JUICED SHORTS
LABD (orange) was so extreme it needed its own panel
223short.png
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Re: 02/23/2021 Live Update

Postby Trades w 2 Cats » Tue Feb 23, 2021 1:42 pm

Whoa that was not expected. 2 legs up (to the tick measured move) from 3832 to 3849ish and then a trap door opened in the floor. Bulls are not in control.
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Re: 02/23/2021 Live Update

Postby Cobra » Tue Feb 23, 2021 2:17 pm

some chances of double bottom here, another possibility is another revisit to make a H&S bottom or 3 Push Down before the reversal.
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