SNX - which option is playing out?
Hi good people!
I am looking at this descending triangle or possibly a falling wedge on SNX for some time now. It has played out on the trendlines pretty precise. It is going to breakout for sure, the question is to which side? For descending triangles, textbook says - down. For a falling wedge, textbook says - up.
Maximum size of the move after breakout = 2.7
Two possible scenarios as I see it:
- BULL option breakout - takes us to app. 6.4, with certain stops on the way for sure
- BEAR option breakout - takes us down to ATL at 0.6 (is this even possible?)
- and a bonus third option - none of the scenarios play out!
I would be happy to know your thoughts! How do we play this one out?
Thank you for the attention!
I am looking at this descending triangle or possibly a falling wedge on SNX for some time now. It has played out on the trendlines pretty precise. It is going to breakout for sure, the question is to which side? For descending triangles, textbook says - down. For a falling wedge, textbook says - up.
Maximum size of the move after breakout = 2.7
Two possible scenarios as I see it:
- BULL option breakout - takes us to app. 6.4, with certain stops on the way for sure
- BEAR option breakout - takes us down to ATL at 0.6 (is this even possible?)
- and a bonus third option - none of the scenarios play out!
I would be happy to know your thoughts! How do we play this one out?
Thank you for the attention!
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