Wedge Formed
Updated
There is an important level at around 390 that forms the top of the Wedge along with the higher highs and higher lows forming the upward line.
I believe it might pop all the way to 395-398 and then take a steep drop from the people collecting profits and then the stops kicking in so you'll likely see a double legged drop. Demand Zone spotted at around 378 so I would think that would be the bottom but would be cautious. I do mostly Options Swing Trades within a day or two.
I believe it might pop all the way to 395-398 and then take a steep drop from the people collecting profits and then the stops kicking in so you'll likely see a double legged drop. Demand Zone spotted at around 378 so I would think that would be the bottom but would be cautious. I do mostly Options Swing Trades within a day or two.
Trade closed manually
I closed my position as I believe we'll see a big pullback and Theta was eating away my contracts. Made a quick little swing scalp for profit. This is a good opportunity for the bears to do a scalp as well but it might backfire since all the other bears might hit their stops and thus creating a short squeeze which will cause the market to climb higher and then correct itself. I'm waiting for it to drop so I can make another entry. Godspeed everyone!
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