Potential Downtrend Coming, Be Careful

NEO has topped both the short term uptrend channel and the long term downtrend channel on the logarithmic scale. We're opening the day with a long bearish wick. This is an indication the market might be heading back the other way.

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I made the long term logarithmic downtrend channel on the 28th, and should have published this then. I didn't expect it to jump and hit the top of the channel on the 29th, and unfortunately wasn't around internet to sell the top. Sold at $88. Just bought some more NEO at $79, with a stop loss at $76.5, just below the bottom of the midterm uptrend channel, just in case we do go back up and retest that long term resistance line.

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5/3: Bounced down off the middle orange line of the midterm updtrend channel at $90.
5/4: Bounced up from the bottom green line of the midterm uptrend channel.

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Stop loss moved up to 81.9, just under the bounce off the channel at $82.

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We have a symmetrical wedge pattern formed. Bottom of the wedge is the green line found at the bottom of the mid term up trend channel. Top of the wedge is the new trend line formed (not shown) from the recent tops of $96 and $90.
If it does break up, target 1 is $93, the contact point at the long term down trend resistance. Target 2 is $96, the contact point at the mid term up trend orange line, and also double top of previous high.

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NEO broke up out of the wedge, but couldn't pass $88. It got pushed down out of the channel to a current double bottom of $82.5, just above S/L at $81.9.

ปิดการเทรด: ถึงเป้าหมายการตัดขาดทุน

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Picked up at .618 fib level..

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Ascending Wedge = Bearish

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Ascending Wedge = Bearish..

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^Bearish indeed

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Log

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Welp, we've broken out of resistance..

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Buying back at 60.2 with a s/l at 59.99 just for the fun of it.

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