EWTrading12345abc

EWTrading12345abc Updated 

1.618 of wave 1 - Good entry point got shorting QQQ

EWTrading12345abc Updated 

Another good entry point to short QQQ -- Around $5 down Please refer the chart Will finish wave 5 of wave 1 down after this move.

EWTrading12345abc

$QQQ What a beautiful high! Should be a start of the new journey on the downside.

EWTrading12345abc

$QQQ What did NOT happen today? 1. Mostly QQQ did NOT trade outside of the last three day range -- Neutral 2. When it tried to breakout, it could not sustain the momentum and was met with the sellers -- Negative 3. RSI and MACD did NOT make a higher highs as price made a higher high - Negative 4. Did NOT make a good high but made a good low - The quality of...

EWTrading12345abc

RSI and MACD divergence that we talked about last time has become even more weaker. 5th and final wave is looking like a diagonal -- we are watching closely before it breaks down.

EWTrading12345abc

Keeping a close eye on the divergences as prices move higher to finish wave 5. Please don't get me wrong -- my long to medium term view of QQQ short is intact. Short term view of QQQ making a high of around 228-230 today or tomorrow after which it starts moving down.

EWTrading12345abc

Zoomed in view before we go down after finishing wave 5.

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Reasoning explained in the chart: 1. MACD and RSI divergence 2. Finishing of wave B and major fib level 3. Price hitting the upper end of the channel.

EWTrading12345abc Updated 

Wave 5 in process after the completion of wave 4 of larger corrective wave A. Short Entry: $147.00 Stop Loss: $151.60 Target: $120 Risk: $4.60 Return: $27.00 Risk Reward Ratio: ~6:1

EWTrading12345abc

Looks like a time for correction. Two scenarios based on 50% and 61.8% retracement basis. Stop loss placed at 157.

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Possibly we are entering wave 5 of the five wave impulse move

EWTrading12345abc Updated 

1. Overnight inventory was long, got correct in the second 30 mins of the session as 4 economic reports came out 2. Price made poor high and poor low during the session 3. Value Area - 3 days balance 4. Price struggled at today's half back and was down in the last 30 mins 5. Seems like short term (short-covering) rally is over and market goes down from here to...

EWTrading12345abc

Commentary: VIX gapped up and is close to previous peaks we saw in the year when market dropped substantially. There is uncertainty in terms of FOMC meeting outcome on Wednesday 2pm and geopolitically issues pertaining to China. Observations: Market is extremely short at the moment VIX is close to previous highs VIX is making higher lows and lower...

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1. Overnight inventory was in balance as compared to Friday close - a bit lower but mostly in balance. 2. Price went down in first half hour and stalled at Friday value area low - Went up from there. 3. It was a very rotational and a very choppy day but there are no serious selling. Overall volume was very low. 4. POC was 7 bar wide (>50%) 5. Value area was...

EWTrading12345abc

1 Price above VWAP, 200D, 100D and 50D SMA: Yes 2 100D SMA > 200D SMA: Yes 3 50D SMA > 100D SMA: Yes 4 200 SMA trending up: Yes 5 100 SMA trending up: Yes 6 50 SMA trending up: Yes 7 RSI > 70: Yes 8 Clear past: no resistance Yes 9 Above 52WH: Yes 10 Recent high volumes: Yes 11 Increasing Revenue: Yes 12 Expanding Margins: Yes 13 Sector...