“First Thrust Down, Snapback Rally, Bombs Away”
Classic first thrust down, puts in a bear channel, snapback rally call it what you will in pink, breaks it and it’s bombs away. One catch, the bombs away was earnings related. BUT that’s the pattern we want to see on the short side with names.
You can see a break of the Pink Snapback rally (bear channel) that we’ve been highlighting. So could we keep going down here? Yes, as we got the break.
We’ve laid out a dark blue line in the daily charts here as they are prior support levels to be aware of. Should we get there in a hurry? It’s where our paying subscribers will lock in their short-sell gains!
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