Hey gm. So I was scanning my daily bottom feeding charts last Sunday and the entire chart was filled with all of the bears in the market like I have never seen before...
Sdow, tvix, sqqq, dog, faz, tza, and a few others like labd, etc. No stocks just etf...
I then went on to check dailys. daily looked liked they had more to go even perfect bull candlestick closes the Friday before, but then I looked at the weeklys... look at the $Indu weekly in a bottom chart pattern, and focus only on the adx, ppo, and full sto....reverse pincher topped out..normally that's my signal to get out on the daily btw, but on a weekly this is a top buster...
So hedged by selling everything Monday am except for a few long term ira plays and took 10% of NW. and put it into sdow, tvix and labd. Tvix has been the winner so far but I don't think this healthy correction is even close to being done based on that setup and what I have learned over the years based on those charts..
In fairness I must thank you because you and I fell into one of these bottom plays years ago and I always respected your pincher style which is similar to my bottom feeding plays, however you thought me the weekly and without the weekly I would never have known this clif dive was coming so thank you!
Happy to hear you are out because cash is king right now however the trades are all of these etfs because many tops were formed last week which will make way for new bottoms.
Another one I am currently stalking is dwt. Look at the UWT weekly. Alot of oil bears on radar. Follow along alot to learn these next few weeks, but charts never lie...just need to make sure it is the right one...gl.
All the best,
RJP
