Yesterday I posted several times about IYT / DJ-20 Transports. I have an open Put (Aug) IYT position and was considering adding to it, but I wanted to see a head fake move from an ascending triangle first.
This post shows the divergences confirmed in IYT and DJ-20
IYT, this is the ascending triangle, yesterday I said I would wait for a false breakout above the triangle, it's a bit early to be confirming a false breakout, but from the charts' positions yesterday, I have pretty high confidence it will be revealed as such.
Volume on the Dj-20 picked up on the breakout move, not as much in IYT.
The same triangle in the DJ-20, the signals between the two are nearly identical in almost every timeframe and negative.
IYT 1 min with no upside confirmation
2 min the same
3 min was already leading negative
This is the DJ-20 with that sharp character yesterday, leading negative as well.
I'll definitely keep the Aug $113 put open, I don't have much room to add, but will likely do so very soon, I would just like a few more minutes at least to see if we get another bounce above the triangle and to confirm the signals keep deteriorating giving us strong confirmation of a head fake move as was suspected.
Good things come to those who know what they are waiting for.
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