Just wanted to throw up some charts that I was looking at yesterday and today. Especially charts showing a major candlestick, which everyone should read the Candlestick Bible, it is very much worth the read, and its easy. It goes into the psychology of the types of candlesticks and what it represents in the market sentiment, ESPECIALLY ON THE HIGHER TIMEFRAMES.
Here is how I was looking at $SPX going into today, and why I swung puts from yesterday May 1st.
1) Looking at the history of the chart. The future is just history repeated in a slightly different way.
2) Same type of fakeout.
3) GRAVESTONE DAILY CANDLE
4) GRAVESTONE REJECTION ON FIB LEVEL DAILY TIMEFRAME