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Bearish Alternate Bat

GLD: Bearish Alternate Bat HOP Level Reached: Reversal LikelyThe yields within the bond market are hinting towards a reversal in Gold and potentially other metals today, however, Gold right now is sitting at the HOP level of a Bearish Alt-Bat. If GLD were to reverse here, we would see it as a type 2 return which could result in Bearish price-Action beyond just the intra week but extended to the entire macro trend as a whole. I will be playing this via multiple OTM /GC Bear Put Vertical Spreads on the monthlies and may potentially start playing cheaper bearish plays on a week by week basis.
AMEX:GLDShort
by RizeSenpai
Japanese Currency Index: Harmonic Bottom with RSI ConfirmationThere is a Confluence of a Bullish Butterfly and a smaller Bullish Bat visible on the 5-day and Weekly timeframes on the JXY as the RSI ticks out of the oversold zone for the 4th time at this level while making higher lows each time. It would seem as if the JXY is confirming to us that it has reached a Harmonic Bottom and is preparing to rise up to some of the longer-term moving averages, with the highest being at around $89-$95. During this time, we have seen the JXY continue to strengthen against other non-USD currencies, but now it's starting to look like not only will the JXY rise but that the Yen will gain dominance against the Yen, and when this happens, I also expect the JGB Yields to rise significantly. So beyond my forex positions, I will be adding YCS puts to my list of Bullish JPY positions. YCS is a 2x Return of USDJPY so if JPY starts to go up from here, this ETF could really crash down fast.
TVC:JXYLong
by RizeSenpai
Bank of America is Shaping Up to Be Just Like PacWestWhen comparing the price action between BAC and PACW, it can be seen that both stocks exhibit the same price action, which is a Rising and Broadening Structure leading into the PCZ of a Bearish Alt-Bat, which all eventually came to a halt upon getting Bearish PPO Confirmation. This led to a breaking of the 21-Month SMA before ultimately flushing down to all-time lows after months of treating the 21-Month SMA levels as resistance. The same price action can be seen on Bank of America; it is just 1 step behind PACW at this point in time, which is the flipping of the 21-SMA into resistance. The next step would be for it to crash below the 2009 lows.
NYSE:BACShort
by RizeSenpai
BTCUSD: Bearish Bat Looking to retrace back to $18448.51Bitcoin looks ready to begin creating the Potential Right Shoulder of this Potential Inverse Head and Shoulders as it is at the level of what would have to be the neckline while overbought and within the 0.886-1.13 PCZ of this Bearish Alternate Bat it's traded within. If this Inverted Head and Shoulders plays out, the Alternate Bat will underperform and not give us the full 100% Retrace backdown to 15.3k; but if not the price will go much lower and perhaps even lower than 15k so i will be managing risks from here. For the time being i will be taking a third of my profits off and buying a monthly strangle along with a seperate weekly slightly OTM put as a way to secure my position on price action at a lower risk.
COINBASE:BTCUSD
by RizeSenpai
3
Gold Is Bearishly Back Testing The Weekly Moving AveragesRight now we can clearly see that Gold has Double topped at the PCZ of a Multi-Year-Alternate-Bat Pattern and also formed a small Deep Gartley at the PCZ of the Alt-Bat which ended up forming a Clear Double Top at the 1.13 Extension. Now after a Notable Decline Gold has retraced back to the Moving Averages which happen to align with what we would see as the Double Top Neckline and the 88.6% Fibonacci Retracement. If price can hold below these Averages we will likely see it make a move back towards the lows between $1,377 and $1,000
COMEX_MINI:QO1!Short
by RizeSenpai
GBP/JPY - Bearish Alt BatQuick market analysis for GBP/JPY on a 4h chart as always, we have a potential bearish alt bat. As we all know this pair moves fast, at times 100+ pips per hour and this is one of the many reasons why it is my favourite pair to trade! We have an overextended D point at 166.000 for one simple reason, the pair has been trending within a channel. I'm expecting price to make a turn for the downside between 165.000 to 166.000 but I would like to see a spike up to hit our D point! Overall this is shaping up to be a huge trading opportunity. Want to learn more? Check out my Instagram for additional trading content: @lewglasgow
Short
by LewisGlasgow
2