RHTrading

SPY Descending Triangle Intermediate Term Pattern

CME_MINI:ES1!   S&P 500 E-MINI FUTURES
572 11 12
I'm suggesting this is one version of two that I have about the possibility that this is the start of a descending triangle pattern. Because it's a longer term pattern, that gives us opportunities within that time if we can identify 1. If it's actually a descending triangle (can only know on the next low) and 2. Figure out which one of my two charts marks the swing high (current rally high).
評論: Mind you, I only drew that Upper Red Line based on the apex and the high. It may be off a bit since I only had the High and the Low of the range to work with.
評論: SPY about to drop. Currently $278.50. Just wanted to toss that out there.
評論:

UPDATE Link
評論: Anybody Still following this?
評論: Let's see if the chart still holds up 2 months later. Interesting action this week.
Dang, SOXX & SOXL are already near their low from when S&P was at its lows. I bought in some SOXL at 128.5 but now think I might have started buying too soon.
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Sho'nuff. Very nice
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Sold long position today at close. Looking for 2640 e-mini to go long again. Your chart made this too easy.
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RHTrading SOXLite
@SOXLite, Can't express how awesome it is to hear that haha
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i agree your idea , ddo you have new idea ?
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Trump is making me regret selling my short yesterday. It appears that SOXL is in a head and shoulders rising wedge formation similar to last summer when the top of the head was $113 or so on June 9 before correcting all the way down to $78 on July 3. What are your thoughts on a bottom for SOXL? I am thinking in the $90 range given the heavy up and down price action in that area going into the big rally last sept.
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This pattern is playing out beautifully for me so far. I sold my short today at close. Looking to buy it back tomorrow after a small bullish bounce to the new resistance line.
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RHTrading SOXLite
@SOXLite, Happy to hear that buddy.
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Thanks for the heads up!! Bear divergence everywhere.
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