$META – Swing + Long-Term Hold –
@KyleTemplin@InvestingAngles
UPDATE
This instrument managed to close below both the 8 EMA and the 50 DMA on Friday – to exacerbate matters for the bulls, Friday’s daily candle closed as a bearish engulfing candle.
The two most probable paths atm are this red path/count/channel and the white count, with the yellow path a considerable distance behind.
The below weekly candle closed as a gravestone doji, and this candle more than likely set a short-term top.
Note that the bearish MACD cross is holding on this weekly tf, and this is also the highest magnitude the MACD has ever been on this tf, suggesting the ride down could be the most pronounced in this instrument’s history.
The above monthly candle can still morph into anything, but if it does follow this red count, then it will stand a good chance at confirming the bearish harami combo formed last month.
The Stop will remain unchanged until PA can move a bit more decisively away from the current zone. If one wanted to apply a more prudent stop, then $313.86 would offer an ideal area for such an approach. This stop stands a much better chance at not getting run thru than the last prudent stop, as it has a tower top formation on multiple hourly time frames.
Targets are unchanged but maybe adjusted based on PA.
GLTA!
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STOP UPDATED TO: $318.79
Risk is reduced by ~ $10/share.
If one were prudent, one could adjust the stop to $309.05, as there is a tower top formation on the 4hr tf, but this stop does have the potential to get hit if this yellow count/path becomes primary.
Smaller tf are always hard to project, but this instrument could follow the above course over the next couple of days.
Today’s 3-day candle closed as a shooting star (see above); this candle will require confirmation with the next candle close.
Today’s 2-day candle closed as a gravestone doji, and if it is confirmed with the next candle, it will mark a very short-term top.
Today’s daily candle closed as a bearish harami combo, and if it is confirmed tomorrow without breaching that yellow line, then the yellow count is still in play.
Tomorrow the below 5-day candle will close. Currently it is a doji, suggesting indecision. If it morphs into a bearish candle, then either this yellow count or the red path will gain significant traction.
Another update will be provided once more candles and clues are revealed.
GLTA!
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This instrument has met the criteria to short via spot, and this alert was provided in the Discord at close on Friday.
Enter price ~ $298
Stop: $328.44
Target 1 = $207 R/R = 2.99
Target 2 = $90 R/R = 6.89
Runner = $50- R/R = 8.15+
One shouldn’t risk more than 1% of their account on this set-up, and if interested in taking on a position, it could be beneficial to layer into a full position over the upcoming week.
The above 15-day candle chart displays a very unhealthy rise from recent lows, as 9 candles in a row of the same color often suggests a trend is exhausted, this time frame exhibited 12 green candles in a row before two red candles recently appeared.
Last month’s candle closed as a bearish harami combo, and this will require confirmation with this month’s candle. If this combo is confirmed at month’s end, then a short-term top will be in place on this tf. Of interest is the highlighted rectangle – if the white count higher plays out, then a similar collection of corrective candles could begin to unfold.
The weekly close was an indecisive doji and managed to stay within the body of the red candle from 3 sessions prior – this is a great candidate for a Falling 3 methods – suggesting this coming week could be a red candle of similar shape/size as the candle from 3 sessions ago.
The quarterly candle will close at month’s end, and currently it looks like a very weak shooting star candle – IMO, this candle should create a stronger bearish statement on this TF if its intent is to reverse down from here (likely a bearish harami combo with a much more pronounced shooting star candle).
The 10-day candles have been very good at indicating tops (short-term to long-term) by creating bearish engulfing candles at them. Will this time be any different?
The above 5-day candle will close mid-week, and it could offer a very strong indication if this instrument wants to consolidate more sideways or begin to take a more direct route in either direction – currently it is a doji that can morph into anything.
The 2-day candle closed on Friday as a long-legged doji with a bearish harami combo. If this bearish harami is confirmed early next week, then it is another feather in this yellow path’s cap.
Friday’s candle closed as a bearish engulfing candle, suggesting downside is more probable for the near-term.
Short-term EW counts are in the above image; all of the three counts suggest more down-side PA is required to fill out their structures. If/once more down-side PA is observed, then the Stop maybe adjusted to minimize risk to the upside.
GLTA!
For all important and up to date posts visit our Telegram link:
Previous Write-Ups Below:
None
Trading involves risks, and you are responsible for your own trades and decisions. The information provided above is for entertainment purposes only and is not a recommendation to purchase anything related to this instrument or other instruments of similar composition.
