I think almost time ……I’ve sincerely been anticipating this pullback on QQQ / SPY for countless weeks now. With Halloween tomorrow, a new monthly candle Friday and election next week, ITS TIME
Spy has appeared to have already broken out of its ascending wedge, but has been retesting breakdown line since about the 25th. This is exactly the spot in which a chart usually breaks down hard.
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Fredo in the cut : We have a gap at 493. We have to see if we hold or flush through
RIPPER OP Fredo in the cut : At this point, I just cannot think of how anything but a pullback would occur… Except for maybe me thinking this way
Buyers have been exhausted, the range is getting really tight, Etc etc
For the record, I’m not expecting the major pullback to really be beginning right now but to spark the process. I wouldn’t doubt if QQQ had a couple of days of sideways chop before making a big move (either direction)
Fredo in the cut RIPPER OP : I can see 488 by Friday question is do we stop tomorrow at 493 or go through after apple or we run up burn both sides into apple an push higher . Trading this week has been annoying with the sideways moves
RIPPER OP Fredo in the cut : Doesn’t a poor AAPL ER seem like the perfect catalyst to spark the bear wave?
Remember a new monthly candle hits the charts Friday morning… If we gap down, many trendlines will open in the break down zone
RIPPER OP Fredo in the cut : And strangely, the weekly chart of AAPL has a very bullish look to it with a flat top triangle… Would be a good way to lure many retail into bullish expectations because normally a pattern like that has high success probability making a bullish move up. Now, why would this be a good way to learn retail? As you know when it comes to earnings reports… That flat top triangle has no relevance anymore… TA cannot predict the results of earning reports but strategic thinking like all the above, can.
Haha. Oh God, I had to much coffee and I’m exhausted. Have a good good night everyone