TBT – BUY (?) No, I’m not crazy UPDATE 06/08/2020

06/08/2020 UPDATE: breakout from a long base and inverted head and shoulders and appears to be going back to the neckline for the BUY. the “low” was right inside a tight “buy” zone depicted below.

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yes, I know that even thinking of BUYING TBT in this current market is insane BUT I really don’t care … it’s a BUY pattern that works or doesn’t. i did a quick blog on interest rates last week and those targets were SMOKED by the end of the week action but take a look below and then figure out a gameplan.

please see below:

we have a lot going on here:

• Fundamental Frequency: take a ‘major’ high and low or vice versa and divide them. you now have the ‘fundamental frequency’ to define the move … see the purple dashed lines? those are fundamental frequency targets
• Square the High: if you take the square root of the all time high you get 17.31 which is basically where we closed
• Projections
  • the market likes to go ‘down’ around 65% per swing
  • additionally, if look at the foldback point we have the two big blue arrow s equal in their measured moved
• Volume – MOST VOLUME EVER. capitulation low? Hmmmm

So, let’s don’t be a hero but … let’s see if the low was in place on Friday OR the market goes down a little more (TBT) into the buy zone of 14-15 and then wait for the market to EXPLODE off these levels and then try to get in .. if the market does a dead cat bounce and well, just goes pfffffffff … then stay away.