The pattern is self-explanatory. I see it present on dozens and dozens of names. I will show you 20 examples of where I see it, and list about 10 other tickers where I see it (but without also posting the chart).
Now, with this pattern, it shows potential, not guarantees. I just find it interesting that I see it in so many places all at the same time. Could they all fail together? Yes. It is a pattern that you can see in a down trend. However, it is also a pattern you will often see at a very bottom. If these do play out, many, many dozens of names may have already bottomed.
Read more “This Same Chart Pattern Is Appearing on Many Dozens of Names; Here Are 20 Examples”
$DIS counts pretty well, and I feel like it needs one more low. It’s hit the 50% retracement, but ideally we want to see it hit the 61.8% (lower end of the box). They’ve made this too easy on the bulls if everything just rallies straightaway from here.
At the bottom of the December low (on the US indices), the put to call ratio never even got to one. Despite what the $VIX looked like, no one was genuinely afraid down there. I do feel like we need another good flush.
Back in this tweet, I pointed out the symmetrical triangle I believed was developing on $DIS. And it’s now nosing through it. For this one, we can target the old highs.
[UPDATED]: This failed spectacularly. I will file this under “Unsuccessful Calls.” I will need to monitor the price action from here prior to making a new call.