SPX 4h Candle wick and Line Analysis

28 Oca 2021

Just posting my chart. Actually sniffed out the short op on 1/26 with some basic trendlines/triangle pattern charting. Went short that night before bed, got stopped out at 00:45 on 1/27 with a small profit, but woke up to a hell of a drop, sucks! Whatever.

Called out some short targets from other triangles/channels. All got hit.

We ended up wicking down to the (yellow) long term "covid" trendline which has presented huge buy ops in the past, but we needed a 4h candle close down in that range so I held out for a few 4h candles before going short again. As expected, we got the 4h close at our yellow trendline which cleared us for takeoff. I do think we see ATH from here. This is a great lesson on wicks and candle closes.

I really like to draw patterns using line chart only. Wicks are fun but are not to be trusted.

29 Oca 2021

Not

If the 372 low breaks we are in for ~3560 in a hurry and potentially even further from there. We are lined up for an impulse move down if this low breaks. Will be an interesting week and month close.

30 Oca 2021

Not

Daily trend held so looking for a bounce here. Breaking of the low is still in the cards with the GME madness.