Bquat's Account Talk

[Bquat]

Pop down to the 100 DMA with overshoot again and now third test today on the 50 DMA as resistance. I added a Dead Cat Bounce line::worried:

 

[Bquat]

Spidey is awake and the momentum is enough to pass the double bottom. 60/40 chance of lover low next week. No move for me::worried:

 

[Bquat]

I am watching N1 but Spidey is saying N2 at least::blink:

 

[Bquat]

I am watching N1 but Spidey is saying N2 at least::blink:

So my N1 is reached and I am not seeing thangs slowing down. Spidey is still awake and still thinking N2. We are embedded to the downside. Going to watch another day::worried:

 

[DreamboatAnnie]

Agree...it is embedded downwards!

 

[Bquat]

So my N1 is reached and I am not seeing thangs slowing down. Spidey is still awake and still thinking N2. We are embedded to the downside. Going to watch another day::worried:

Nice test of N2 as Spidey expected and he has calmed down but I am going to watch another day because no continuation upwards from the bounce::suspicious:

 

[Bquat]

Nice test of N2 as Spidey expected and he has calmed down but I am going to watch another day because no continuation upwards from the bounce::suspicious:

This could be bad unless it's an exhaustion move. Double bottom but Spidey is wide awake right now. Glad I waited but who knows it could be a good entry point. I don't trust it because this is a acceleration of the down movement. What happened:

 

[Bquat]

Cleaned chart up a little for December. Back in the down channel. Chart::blink:

 

[Bquat]

Still in watch mode in December where there used to be a Santa rally. So is this a flat bottom developing of a Bear Flag? With the drop today and the Dead Cat Bounce holding twice has Spidey concerned::blink:

 

[Bquat]

Because I had three points on the overshoot line I widened the channel. Things improved in the afternoon drift up to get us above the bottom line. Still going to watch on Monday::blink:

 

[Bquat]

No pop to DCB line and new channel is still confirmed. Shorter moving averages beginning to cross longer term moving averages::worried:

 

[DreamboatAnnie]

Hi Bquat, Really love that you put in line for May and July bottoms. Great charts...Thanks!

 

[Bquat]

Really nice pop up today which could be an overreaction to new Covid mutation being mild. I missed this move. :embarrest: I am watching for follow through because of news gap. I could be wrong so it's up for you to decide and please comment if you think differently::blink:

 

[DreamboatAnnie]

I think it drops tomorrow...profit taking it recovery by some, but believe Dec 1 was the bottom. But anything can happen....so much is news driven. Best wishes to you and everyone! :smile:

 

[felixthecat]

I think it drops tomorrow...profit taking it recovery by some, but believe Dec 1 was the bottom. But anything can happen....so much is news driven. Best wishes to you and everyone! :smile:

That is definitely possible and 2175-2180 area is my fallback point before taking off again. Being that I only have one aggressive move left…no point in pulling back now…we could begin the Santa Claus Rally around the middle of the month 15 or so. Therefore…the real question is can I recover all loses and finish higher after the Santa Claus Rally. Uh…yes…I think so based on Omicron being overblown…underlying economy still looking okay…debt and Russia main issues for me. “Take that hand off the trigger”…I say to myself. Will look again in a few minutes. Wish we could get a bit higher for the $DWCPF 250 day moving average to act as support (2217).

 

[Bquat]

I really like how today's move confirms that yesterday wasn't an overreaction. I even was thinking about an entry but checked and saw that we are getting up to overbought territory with resistance just a little above::blink:

 

[Bquat]

Overbought:

 

[felixthecat]

While it may be overbought…momentum trading and human greed could take the market higher. However…the brief pause this morning does give me a good feeling that the market is digesting the run up. It is still go and persistent is my friend until it is not.

 

[Epic]

Any thoughts on the upcoming Debt Ceiling decision deadline and how that will sway the market one way or the other??? I'm confident that they will pass whatever they need to so we do not default, so will we get a positive or negative market reaction from that? It doesn't take much to freak out investors and send them running to safety, even if it appears to be good news.......

 

[Bquat]

Any thoughts on the upcoming Debt Ceiling decision deadline and how that will sway the market one way or the other??? I'm confident that they will pass whatever they need to so we do not default, so will we get a positive or negative market reaction from that? It doesn't take much to freak out investors and send them running to safety, even if it appears to be good news.......

I think they will extend it out a month at a time. Neither party wants a shutdown, and it won't be fully dealt with until after the vote on the build back better bill. So the debt ceiling may be a moot point. Just my guess.