SPY is forming a descending wedge out of of a recent double top. This should bring us right back into the ATH. Then the fun begins...π€ππππ
I'm looking at around $480 as the target.
Think we will see $448-450 then a huge bounce into $480...
Not sure about descending wedge, looks like a break off of ascending wedge to me and still not ending yet.. dont think it is a descending wedge until you see compressed green and red candles for the next few days otherwise we are still in correction territory...
Riskitpaid
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@poister198, Looks like it broke off an ascending triangle.... after it was invalidated to to be bullish... we have to consider to look for new development... but it definitely looks like a descending wedge to me... what i have also come to find out is that i may see a double top and someone else may see a head and shoulders and when we look at the charts together we somehow find the same targets....π€π€π€ so there must be a few ways to skin the cat... π€·πΎββοΈ
Riskitpaid
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@poister198, this wedge also doesnt have to break out today either...
poister198
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@Riskitpaid, not about the breakout, but i mean whatever is on your chart is not a descending wedge - a descending wedge is charaterised by smaller and compressed candles, while your chart shows none of that- still 2 big candles within the trendlines you have drawn without any small candles.
It could potentially be a descending wedge, but you can only call it AFTER the pattern is complete with compressed candle, which if complete, you can predict a breakout.
H&s and double tops are very different patterns although indicating same price direction, but not the issue here.
Glta!
Riskitpaid
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@poister198, ok so i get where you are coming from... how i tend to chart is kind of like predictive text... yes im taking a guess from where we are to where we are headed... so right my pattern may end up being invalid but this is what i think is possibly in the making... and if it happens to hold true then the next thing they will say is lucky guess... im not always right nor do i try to be... most of my post are followed by do your own dd and this is not financial advice so anyone that follows is doing so at their own risk... ive been right trying to predict... and ive been wrong.... i always just hope for the best... unless im looking to trade tight on something more guaranteed... but i go by "risk it = paid"... so i will take a possibility trade im in a position where i can afford to lose what i put in the market... and with that being said the risky plays have made my account more than double within 1yr... not here for anyones competition just to learn more... and give possible advice where i can.
CJS04
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First day in the market? Cause your chart is terrible.
Riskitpaid
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@CJS04, very 1st day... π€·πΎββοΈ and what I found out in 24hrs is that if i listen to folks like you i might be a millionaire by now! π€£π€£π€£
Riskitpaid
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@CJS04, Guess however terrible my chart was i was right.... sad that your attempt to make me look bad actually made you look bad.... thx for the support i need it π