The pre-earnings rally to $1,238 was a classic Wyckoff bull trap, an Upthrust After Distribution (UTAD). The earnings miss was the catalyst, and today's chart shows the devastating "effect" of the "cause" built during that distribution.
The volume-momentum indicators are in a "Red-to-Red" state, indicating a "strong continuation of a bearish trend".
Short into a rally near $1,150 - $1,165. (e.g., Buy Nov $1150 Put, Sell Nov $1100 Put)
The volume-momentum indicators are in a "Red-to-Red" state, indicating a "strong continuation of a bearish trend".
Short into a rally near $1,150 - $1,165. (e.g., Buy Nov $1150 Put, Sell Nov $1100 Put)
Note
touching the $1060 zone is likely!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.