Bullish Case:
Previous analysis revised of bullish count:
Bearish Case:
The first chart looks to be more of a proportionate pattern. But with any EW pattern, sometimes we cannot see down to the minute movement. So we have to also look at the Bearish case as well. What I do like about the Bearish case is that at the assumption of an ABC corrective move up we can measure 1564 as A=C and sits just right under the last support that was broken on Apr 3.
Our indicators on a daily basis crossed up for an uptrend but our Mid-term and Main trend is still down. Anyone going long should only go long based on the daily capacity until the Mid-term trend turns with the daily trend.
first thing i do tmr morning is to sell my calls on spy, lock my decent % gains
ReplyDeleteor will decide again if theres more bull momentum by tmr
i do also think vix will form a inverse H and S pattern due to the gap at $12
Looks like Alcoa will keep the markets in a good mood tomorrow.
ReplyDeleterevenue missed tho ~
ReplyDeleteThey may take the positive side of earnings beat.. who knows. I guess they will have an answer for whatever the market does tomorrow haha.
ReplyDeletewill have my shorts ready ~
ReplyDeletewas looking for a breakout gap today at open, but 0.3% is kinda weak
The Daily and 60min Stoch. are on an uptrend therefore, until we get a turn down or indication of a cross this will keep moving higher. The 60min is in overbought territory so chances are it will creep higher as it stays overbought and only when it exits will you see a trend change to the downside on a 60min level. Referring to the SPX.
ReplyDeletenow im risking 1K to short spy
ReplyDeleterecall on the older post reply, i still do think the job report will be very ugly for the up coming reports
I would wait for a daily cross down and or a 60min cross down on the Stoch. before you go in short. Using your daily stoch. as your main trend and 60min to trade that trend.
ReplyDeletegot my stop loss at today's high
ReplyDeletehttps://www.tradingview.com/x/EhILTUQ1/
The problem with that count is that we already had a sideways pattern since Mar 15. zigzags and double zigzags. Time is a factor and I think time has ran out for more zigzags.
ReplyDeleteonly risking 10% my my gain for potential 400% profit lol
ReplyDeleteputting short term aside
indu weekly macd is about to cross over, nasq weekly had already crossed; so is SnP
be cautious here
im done for today, will be back maybe at the close to have a peek lol