It’s both, the famous Vampire Squid… and a bearish chart. GS is a former NFTRH+ long idea in anticipation of the last big market bounce, but this week was included in NFTRH 377 as a bearish idea among several individual stock charts reviewed for subscribers. This one was a bearish looking potential H&S. But now, if it stays below the neckline on the week it will be an activated H&S. What’s more, it’s implied target is down below 120. That’s a good chunk of bearish.
Here is the weekly chart from the original ‘+’ (bullish) update that also had the resistance zone shaded at the bounce target (around 200). Boink, GS hit target and turned a perfectly good bull squid into a bear. Let’s see whether this week whipsaws or not. I personally took a shot at GS shot. I may add to it if it bounces to 165-170 [edit: depending on market bounce intensity, if applicable, 180 and the EMA 70 are doable as well]. I almost bought SPY at the close today [edit, 1/14: bought it this morning in ‘pre’; sometimes you’ve gotta step up when contrarian alarms are ringing. i’ll either get a nice risk vs. reward bounce or a gash – or is it crash?], so obviously I still think the market can bounce; it’d just have to be from lower than I thought might be the case. More and more charts are starting to say ‘bounce or crash’ but considering my currently impaired ability to be on the market, I decided defensive is just fine for me in this market.
I continue to be in the midst of a challenging week that brought some unforeseen schedule and travel issues. So there may be better people out there than me at the moment where a finger on the market’s pulse is concerned. But I do see the Squid as a really bearish looking thing right now.
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