I'm as long biased as any other trader (still puzzled by the fact that 95% of the investing public doesn't short) but I trade what I see...not what I think. When I first started this nonsense, I "thinked" a lot. Unfortunately, I was a net loser & my account blew up more than once. I wish I could find more like this with the same or similar consolidation.....monthly chart.
Valid broad patterns require 5 reversals. Most folks find them difficult to trade but I'll admit they've become my personal favorite over the past few months. Also, I have yet to see one that is bullish. I'll take a small pilot short with this whale at the upper trendline.
Similar to Cramer, I'll keep adding to this....eventually I'll be right. Seriously, I've been short this for a couple of weeks (paaaiiiinnn) and I'll add to it at the upper trendline. A move over it and I'll probably be sucking the barrel of my 9mm.
Vinny's been short this from the mid teens. Whew....now that really is pain. I just wanna meet 1 individual who still thinks this is a long term buy. Another weekly view...notice the last time it fell outta the wedge.
The same stock as above but a different view.....monthly. It will take A LOT for this to turn bullish.
I could post a hundred more but I think ya'll get the point and I'm tired. I'm gonna buy a few April or May 90 puts should it get to reversal spot #5 in the next day or three.