SPX in A-B-C Correction; B Wave near completion; lower soon!
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Chart says it best. Got an A-B-C in progress. Very clear downtrend, A-leg in defined channel, high volume in selling, small volume buying.
Definite 5-wave Elliott impulse forming in the reactionary B wave. Fifth and final wave should push to the 0.786 Fibo at 2905. Then enter C.
This ABC is in turn part of a larger zig-zag correction in progress since Jan 2018, complete with triple top. This is the right shoulder of a peak formation which in turn is the right side of a Grand H&S.
Do not sell puts short now, it will not be free money!
As always, not investing advice, just an idea. Trade at ur own risk; GLTA!
Definite 5-wave Elliott impulse forming in the reactionary B wave. Fifth and final wave should push to the 0.786 Fibo at 2905. Then enter C.
This ABC is in turn part of a larger zig-zag correction in progress since Jan 2018, complete with triple top. This is the right shoulder of a peak formation which in turn is the right side of a Grand H&S.
Do not sell puts short now, it will not be free money!
As always, not investing advice, just an idea. Trade at ur own risk; GLTA!
Nota
Ooops, cursor slipped in pub; Fibo retrace from 2958 gives box from 2898 - 2924 for 0.618 - .0786 Fibo retracements. Intraday high of 2892 on Thursday at noon likely to be passed Fri, all bets off after that. 2905 remains a likely target.Nota
Notice the horizontal line at 2905 reaches back to support/resist line from 12-22 April, a ten-day band and likely strong R now.Nota
Looks like we got throwover at 292. On Thursday, retested Friday. Find out soon! Might be fooling myself to pick a 5-wave out of this B move, it's been chaotic and choppy, typical of B-havior.Trade chiuso manualmente
This is a risky business. Learned hard way not to blow up account. IMO equities appear to be consolidating near current levels with support at 2820 Sand P and 25400 Dow. While these might break, and if they do, it will go south fast, IMO a significant possibility for a bounce from this area from May double bottom could well carry stocks to new ATH in September, the most frequent month of new highs. So I closed out shorts and wait to see. Might be missing out, but FOMO kills; GLTA!Trade attivo
Re-entered shorts on confirmation of downtrend- broke down through consolidating triangle, clearly broke to downside. Good R-R now for shorts- expect jerky rally-retreat pattern, stepping-stone lower to expected measured move around 2710. An extension of wave could carry to 2640 as many contributors have suggested. Short the rallies and cover on the selloffs when they reach lower TL in channel.Nota
This is extremely gratifying to see the index fill in my chart. IMO a cascade waterfall decline is imminent- June Swoon, redux.
Trade chiuso: stop raggiunto
Did not get the expected sell at the bell and futures misdirected direxion.Trading close to pivot and could pop quickly back up channel. Sidelining for now.
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