Yet another H&S structure (with smaller fractal in red noticed a while ago). Now the structure is confirmed by a rising wedge which may be already complete or in its final stages. Tomorrow USB will report earnings. This could make the price swing and complete the wedge or break down from here. Either way, I will be buying puts today. This chart made me reconsider BBT trade where I saw an alternative interpretation in line with my bearish stance on USB and the market in general.
Trade active
Yesterday's jump on earning completed the correction. I have bought some put options and today I will be selling my BBT holdings. Trade active
Closed my puts with a small profit to wait until the price corrects as described Will buy October puts on this correction (if the broader market also confirms the end of the bounce)
➡️t.me/charta_energeia — regular Elliott Wave and trend analysis on Oil, Gas, and Crypto.
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➡️t.me/charta_energeia — regular Elliott Wave and trend analysis on Oil, Gas, and Crypto.
Related publications
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.