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Thursday, July 9, 2020

GUSH - Oil Stock Head and Shoulders

A head and shoulders pattern has formed in Oil stock etf GUSH.

Price is trading at the neckline.  Therefore, a bounce may occur next.

60min Chart

128 comments:

  1. DRIP the bear etf hitting 50 dma resistance today at $6.

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  2. SC, what do you think of vix from July to end of year?

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    1. Volatility is quiet at the moment, but I have my eyes on something huge. The details will be posted.

      I can tell you the largest move in 2020 is still to come...

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    2. I expect the same, but I do not know if in August or December, these are my two dates

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    3. Thank you Charles. Both, this summer we can see some action, but it's too early for anything big.

      It'll occur around the time of the Election. The main event for 2020 so I do agree.

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    4. What I'm talking about is different than what people think. I'll explain it all. What is happening and why.

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    5. Yes, end of year is more likey, November-December because it will be 40 week cycle low. My target in SP500 around 2200-2400 for these months

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  3. GUSH has come to test the neckline as anticipated.

    SCJune 28, 2020 at 5:22 PM

    "Chesapeake goes under. GUSH may be worth a look too. Big head shoulders pattern. Left shoulder and head are done. Right shoulder next. Neckline around $27."

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  4. Sc it will be nice if u can give some plan ahead of time , not last minute, so we can plan for ira , education fund, etc. Thats why we keep asking you ahead of time

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    1. Certainly. We will lay everything out properly in advance with plenty of time.

      There's a boatload of money to be made! It is all leading to this moment...

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  5. You still think ccl will pop? Are you saying this will as well on a similar schedule?

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    1. Yes. Yes, it seems we have an alignment here with multiple charts and models.

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  6. Sc when you say volatility is subdued are you expecting it to drop down to 25 to 28 im expecting 28 again what are your thoughts still 25 to 28?

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    1. Gap at 19 to 22 for VIX to be filled before it will heat up.

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    2. VIX already tested the top of the gap 23 in June and there was a reaction. Then it spiked to 44. We should fill the gap next.

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  7. Replies
    1. That's OK. None of these stocks trade on their own merits.

      Reopening play.

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  8. Trump says no new trade deal with China.

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  9. SC, VIX has a solid support around 25 as you can see it popped from that level multiple times.

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  10. Carnival hot hot hot!!! Breakout on the turn date!

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    Replies
    1. Expect $19 next week as it heads towards the $25 target.

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  11. Any targets for uvxy guys ?

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  12. This comment has been removed by the author.

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  13. Tom Denmark sell signal 9/13⁸/9
    Will be triggered soon for a sell
    Sc you say 19 on uvxy why did you sell svxy and also time frame we could jump up in uvxy then drop?

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    Replies
    1. What I'm trying to say is what is your time frame is that short or longer term on UV XY

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  14. Futures spiking!!! Carnival CCL $19.

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  15. Hello SC. Do you still see new lows for precious metals ?
    Best

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    Replies
    1. Yes, very weak, Gold is slowly rising towards 2,000. Little action compared to other markets. It's still lower now than 2011. Compare that to SPX for example during the same time frame.

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    2. SC, you missed it and Gold is higher than 2011, its 40 points away and heading to 2100.....your answer is really not good.....very weak, its been strong this qtr......gold will see 3500 in 2 years.....I've been riding if since 1200 when you said it was going to 600.....shoot straight

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  16. sc,

    are we still expecting a low on the market or pull back on this Market this week ---the turn date I believe is the 15th???

    Please advise?

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  17. This will be a very choppy week because we have turn days on July 16th then again the next day on 17th!

    Expect that the market is rising but you'll probably see a dip during the week. Generally I am expecting this to rally continue for 3 to 4 weeks next.

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  18. Replies
    1. Did you take profits or still short. I'd say cover. We'll see tomorrow

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  19. sc

    do you think the gap will be filled at SPX-2950

    or will that be later in the quarter???

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  20. Louis do you see the UVXY going higher here this week?

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    Replies
    1. I was thinking spx down into the 20th so if that happens yes in short term

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  21. UVXY is up more than SPY today = odd.

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    1. I found when this happens before... VIX shows relative strength for a while to spx's move up... soon SPX tanks hard....

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    2. Yep, lots of people have 3230 as a small top, pullback coming.

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  22. One more rally into end of day
    Then down into 20th

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  23. I would imagine uvxy will drop here

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  25. Out of uvxy premarket I'm gonna wait to much confusion

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  26. Sc. Everyone saying topped again

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  27. Great call on TQQQ, getting crushed.

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  28. I'm expecting a pop in the market into Friday maybe 3240 again

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  29. Sc im expecting the market to take a hit after the 16th new recovery highs 3225 then 2950 and then a big rally into July 31 and then by Aug 20th 2700 at what point do u think
    Uvxy is hitting 19 or your 25 target?

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  30. Im looking for 3250 max then down to 3000

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  31. Thank you Louis, your posts are always appreciated!

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    1. I just love to help people because I get it back 10 fold you welcome brother Or sister One people don't go by their real name I don't know if there a guy or a girl I don't mean any disrespect by it though

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    2. Is any body buying anything run it by me I wanna check it out

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    3. CCI (not CCL) and TSLA

      moving into uvxy this week, maybe and next week

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    4. Cci is coming up against up trend line

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    5. tos.mx/HZ7zFiF

      it is also being supported by many trendlines.

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  32. ccl could pop here looks like its gonna break out

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  33. Was thinking about shorting overstock.

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    Replies
    1. I would wait till tomorrow because I think we pop up tomorrow

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  34. Louis you think the top is in today or tommorow before a move to 3000 ?

    Thanks

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  35. I'm looking for 3250 then 3000
    Then a massive rally possible 3280
    Then down in end of august 2700

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  36. So a good trading scenario for uvxy
    Will be to scale into it then hold till it pops into july 23 then short uvxy for that massive rally
    Then go long uvxy in beginning of August for a massive move up in uvxy because market could go down to 2700
    Make sure you manage your risk properly
    Im thinking that would be a good money making situation

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  37. Cruise ships top gainer list today!

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    Replies
    1. Reason is simple. One of the few reopening trades left. Capital thus flows into the trade.

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  38. Sc do you still see spx reaching 3350 ?

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    Replies
    1. Yes, going back to the SPX chart blue resistance 3,360.

      We hit that August 17th.

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    2. SC, this is what you said in your blog post on June 11th:

      'Timing is suggesting heating up in later June, and into July 4th and July 15th then selloff into August 7th.'

      Is that no longer valid?

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    3. We have dates in July then we have dates in August. Just a matter of narrowing the time frame

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  39. Yes, SPX looks to be playing out according to the SPX chart.

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  41. SC, today is turn date and tomorrow is also a turn date? then the next one 24th?

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  42. Louis... are you buying UVXY today?


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    Replies
    1. We seem to be it's some kind of weird pattern I wanna sit here
      And wait we could go either way here

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  43. watch vix response at 25.65 area

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  44. YANG was good for a pop.

    SCJuly 6, 2020 at 6:54 PM

    "Chinese gap up today was ridiculous. Eyeing a China short. YANG"

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  45. SC what can we expect in the sp500 the 2 next weeks?

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    1. I'm still expecting some upside this week but we have turn day coming Friday 24th or Monday 27th.

      From that timing SPX will selloff into August.

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  46. SC can you post some S&P 500 charts and dates for highs and lows. Thanks. Love your work!

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    Replies
    1. Yes! Things are about to get more interesting haha

      Thank you!!!

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  47. SC, what are your thoughts on uvxy? Still lower? This is the last week of the Fed $600 unemployment, earnings will be heating up, and fed buying is dwindling.

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    Replies
    1. A little lower but yes timing is almost right.

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    2. I like where you are going with those thoughts.

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  48. OK guys charts will be posted shortly!

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