AdvancedPlays

AdvancedPlays

SPY has yet another bearish indicator after Friday's session created a gravestone doji on the daily chart. On top of that, we saw a rejection of ATH while forming an ascending wedge and rallying on low volume. I expect this wedge to be broken to the downside and for further further downside to continue after.

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In addition to the double top idea I shared earlier, I'm also seeing yet another nice looking ascending wedge and it is on BTC this time. It's right on the edge of breaking below now, I'd expect a large move down back to the GETTEX:59K area at minimum if it falls here.

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Here with yet another ascending wedge. The dow recently went on a huge run, I believe 8 green days in a row or something close to that. It topped out near ATH and nearly retested it's ascending channel before becoming extremely weak. It has now breached several support levels and has failed on retests while forming an ascending wedge and closing below on Friday. I...

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ES has been fairly volatile lately, but somehow has always seemed to end up in the 5300 area. I'm seeing this as potential distribution, and I think the failure to break ATH and sustain above on Friday could be a potential double top and we have an ascending wedge as well.

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If you don't know already, my entire trading strategy is essentially based around dow theory. I am going against my own strategy a bit by attempting to pick a top, which according to dow theory, is a losing strategy. The trend is your friend, etc. However, dow theory also states that a trend has to be confirmed by volume, otherwise it is invalid. SPY had several...

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NFLX has been stalling near ATH and has formed a nice looking ascending wedge after breaking below a previous uptrend. I expect NFLX to break below the wedge here and continue falling farther as tech stocks sell off.

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I had been bullish on COIN along With BTC, but COIN now looks quite bearish to me after have a promising looking bull flag breakout. The bull flag breakout is still valid for now. However, this rejection at the top of the ascending wedge and response to the spike in yields looks rough. Bulls will need to hold the $236 area or COIN will continue falling with BTC.

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I had been expecting a run to $100k soon, but I now believe it's no longer in the cards. It'll have to be after this new downtrend we're about to enter. BTC had a nasty double top near ATH and has now given up the SWB:69K -$70k area which is critical in my view. I expect any retests of this area to fail. The breakout appears.to have hit a wall as BTC had a big...

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MSFT has been a strong name,.but it has struggled to get momentum after reaching ATH. It has largely been range bound,.although it is near ATH. I expect it to fall with all of tech from here. It has an ascending wedge heading straight into resistance. I expect it to fail and break the $397 area which is key for further downside.

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I will be posting a series of ideas that support my market crash thesis. I'll start here with an ascending wedge for NVDA. I consider it an unforgivable sin to short something showing this kind of strength, but extraordinary times call for extraordinary measures. I expect NVDA to elevator down from here after breaking this wedge and filling the recent earnings...

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I believe this past week was one giant bull trap. One of the primary reasons for this is the strength of TNX and fed fund futures adjusting after more strong jobs data to end the week. DXY went back to beast mode as well. Treasury yields are the single greatest threat to the market in my opinion and I believe the market is going to come to the realization that we...

08:19

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Had a really nice comeback on silver puts today, I had many that were worthless and set to expire today, but I ended up getting all of the losses back and actually making profit on the position. I'm currently very bearish going into next week, but we'll see how things look Monday morning and from there. Have a great weekend.

AdvancedPlays Updated 

GME has been basing and building a strong momentum slowly over the past couple of weeks after the share offering was completed. I do believe the squeeze has begun and it may have quite a ways to go. Here are some potential paths, I like that trendline for a target, that previous high will be important as well. Total annihilation and destruction for GME short...

AdvancedPlays Updated 

I've posted some bearish ideas on silver lately with some longer term patterns that made me bearish before the recent sell off. It recovered some today, but looks like another good short opportunity to me. Here's a shorter term chart with an ascending wedge (an ugly one) and some levels. No guarantee it'll work again just because it worked for me earlier in the...

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MSFT is near ATH, but looks fairly bearish to me. Two ascending wedges in a row, I would expect this to break to the downside soon and head back to previous lows. If not, it could be a great long if it is able to make a new ATH and sustain value up there.

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SNOW has broken below a major support level and I fully expect it to remain bearish until it reclaims. For now I'm watching this trendline and the mentioned support to fail for a short entry

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I had been bullish on PYPL, but it struggled to rally in recent weeks despite the strength of the Nasdaq. It has finally broken out and reclaimed an ascending trendline it had fallen below. There's also a descending trendline shortly above and I expect a larger move if it's able to break above.

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BTC has been stuck in this range for quite a while, a lot of chop recently. It's had a couple of moves below and above, but for the most part it has stayed in this range all week. I'm still bullish on crypto, but unsure about the broader market. I think it could breakout soon, but also has the same chance to fail IMO. For now I see it as bullish consolidation....