It's becoming more and more clear that this play is developing. I have not started a short position and bigger funds need time to position for this play, I am hoping to start an entry near 444 for this swing short, or wait for sufficient confirmation to chase the downside. This is pretty much the first swing short I've contemplated since ATH - I have posted swing short ideas well in advance but nothing ever set up as nicely as this is beginning to look. I expect November to be mainly chop since the current move has been so quick - a good time for scalping the market. I do not have a turning date decided yet, nor a precise price level (as I have shown in past charts on shorter timefreames). Generally, if you look back at the monthly chart, every major top has generated an inverse cup and handle pattern in the downtrend (clearing early shorts in a very aggressive manner). There is always a chance, due to tax purposes, that we close the year around 4400 and then proceed with this pattern in 2024.
Nota
We have hit lowest potential entry for this trade idea, extending up to 445ish on SPY
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.