Converging triangle formation at pivot point Dow Reaction Wave B

Better detail updating my short squeeze idea. The wicks of candles over past four sessions form an arrowhead triangle.

Usually these lead to BO in trend continuation (Wave A correction) but Wave B hasn't yet broken .38 Fibo.

While certainly possible, these retraces most often yield at least .50 and usually .618 Fibos. BO down from here would be total failure.

If we get a really weak Wave B at 038 Fibo, and the downtrend continues from here, will reach panic-level selling soon.

I'm still leaning towards BO up to retest channel top, this is the natural Elliott wave cycle progression to establish to price trendline.

Let's see what happens- Good luck.

Trade chiuso manualmente:

Stop lossed my calls on a rally this dog is not gonna hunt folks. Sorry for the bad call it's going south fast. See new idea on bull pennant converging symmetric triangle.

Been buying puts all day. Good luck.