Bounced off its 21EMA Wednesday and rallied up. Looks to be forming a possible right shoulder here. Right shoulder showing a bear flag also.
My conclusion, Go long to 16,450-16500 ,If there is a rejection, wait for a bearish or reversal candlestick. Right shoulders can take a day or two to form (Look at left shoulder). During this time u might witness some choppiness or sideways trading, dont get baited into jumping the short. If you look back at the charts and the time around 9:45 a.m wed you'll notice that as soon as the NDX/QQQ bounced at its 21EMA Most of tech started to rebound and rally. Its key to watch the Indexes when shorting a stock that doesn't have its particular bad news.
If this does turn out to be a H&S pattern this will be a 10% correction minimum which means a bloody December
Happy Thanksgiving.. enjoy
My conclusion, Go long to 16,450-16500 ,If there is a rejection, wait for a bearish or reversal candlestick. Right shoulders can take a day or two to form (Look at left shoulder). During this time u might witness some choppiness or sideways trading, dont get baited into jumping the short. If you look back at the charts and the time around 9:45 a.m wed you'll notice that as soon as the NDX/QQQ bounced at its 21EMA Most of tech started to rebound and rally. Its key to watch the Indexes when shorting a stock that doesn't have its particular bad news.
If this does turn out to be a H&S pattern this will be a 10% correction minimum which means a bloody December
Happy Thanksgiving.. enjoy
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