Patterns simplified

Bulls:

Trendline Support- looks like it’s low but consistent

Wedge Down- Sharp angle converging downward

Triangle Ascending- Flat top, rising bottom

Batman - 1 small top sandwiched by 2 super tops

Channel Up - parallel lines going up, be careful though

Flag - quick up then tight side to side

Bears:

Trendline Resistance- looks like it’s high but consistent

Wedge Up- Sharp angle converging upward

Triangle Descending - Flat bottom, lowering top

Head and Shoulders- 1 super top sandwiched by 2 tops

Channel Down - parallel lines going down, watch out

Reverse flag - quick down then tight side to side

Comments

Markit Services BMI

Under 50 for first time since 2017 has hit the market hard today. https://www.markiteconomics.com/Public/Home/PressRelease/2ea84928c5d74262bbe387ec2b19d337

Scouting shows that earnings at Apple might drop the most since 2001. There’s a lot of volume with downward motion today... and it is my opinion that it will continue its decline. Short Position added: AAPL 400*246.13= -98,452 Mistake closed : XNET bought 1000 @ 5.86 = $5,860 XNET SOLD 1000 @ 4.85 = $4,850 Loss = $ 1,010 *lesson * don’t buy at the top, this was a possible pump and dump..at least we got out quick.

Added position to BABA

Looks like a bargain to me , BABA has floored this morning in pre-morning trading in the 169’s. Waited until 170 to confirm trend reversal and added 600 shares @ 170 prior to market open. Later morning news from Vertical Group confirms agreement in trend direction . Recommend holding until at least 180, which seems to be an important resistance point at this time.

Financial Cosmonaut

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