Technology has had a glorious run, now well past the expected bullish Q4 seasonality, that rippled into Q1 bullishness. TYP is a triple X inverse ETF, an extremely dangerous trading vehicle that can pick your pocket faster than a boardwalk thief at Atlantic City. Keystone has waited for a chance to short technology and today is the day to enter. TYP shows the falling green wedge, oversold stochastics and RSI, and universal positive divergence green lines that all say one thing, a bounce. The weekly chart is beaten badly and remains weak, thus, this daily chart wants a bounce in the shorter time frame, say the coming days, but the weekly chart will need satisfied subsequently with one more trip back down to the existing lows. So the black line in the right margin provides a projected path.
Since Keystone initiated a long in TYP today, a target of the gap at 10, which also forms a confluence with the 20-day MA is a great upside target. The trade will require some nimbleness since ideally, the trade will be exited at 10-ish, then can be reloaded once the weekly chart is satisfied with matching lows again and likely set up with positive divergence just as the daily chart is above. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your finanical advisor before making any investment decision.
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