OK people, I've decided to lay down many possible scenarios. Let me summarize, don't have much time!
BLUE WAVE:
Assumes we completed a running flat correction to 6.5k, and now we are in an ABC correction up, or possibly an impulse. Based on the consensus of some traders I respect, it's possible we form a double top (9.7k or maybe go to 10.2kish) before we go back into an ABC correction down. That could take us down to the 6k or less territory again. After that return to a bull run, and possibly the one we've all been waiting for. That is the main scenario for the blue wave.
There are other alternatives. The first is we bounce from here into a nice impulse ... hmmm, just doesn't feel/look right. But this does imply the recovery from weeks ago (from 6.5k) isn't finished. If so, I'd expect an ABC correction down shortly after hitting the 9.7k or 10.2k mark, and we are back to the double top scenario above. So this option leads to the same thing anyhow.
Another possibility is that this is a major impulse up, and we are in WAVE 2, about to start WAVE 3, and this turns into a massive wave taking us up to some nice levels. This obviously needs us to blow right passed 10.2k to avoid a double top, so be careful if you're trying to short there ... you never know.
RED WAVE:
Assume we are in a triangle wave, and heading down in WAVE E. This will ultimately touch the bottom at around 6700ish, and possibly extend passed. 6.5k, 6k and 5.4k bottoms is where I'd be looking for a possible extension. From there, we would expect a bottom confirmation and a nice wave up, likely an impulse and return to bull market!
So either way it goes, we just have to watch these critical points. Enter in at points with tight stops. The idea is that all of these lead to a nice rebound, hopefully sometime in May. I can't wait for that to be honest ... I miss those days.
Remember only a fool relies on one possible outcome.
Do not make financial decisions based on this information. For educational purposes only.
BLUE WAVE:
Assumes we completed a running flat correction to 6.5k, and now we are in an ABC correction up, or possibly an impulse. Based on the consensus of some traders I respect, it's possible we form a double top (9.7k or maybe go to 10.2kish) before we go back into an ABC correction down. That could take us down to the 6k or less territory again. After that return to a bull run, and possibly the one we've all been waiting for. That is the main scenario for the blue wave.
There are other alternatives. The first is we bounce from here into a nice impulse ... hmmm, just doesn't feel/look right. But this does imply the recovery from weeks ago (from 6.5k) isn't finished. If so, I'd expect an ABC correction down shortly after hitting the 9.7k or 10.2k mark, and we are back to the double top scenario above. So this option leads to the same thing anyhow.
Another possibility is that this is a major impulse up, and we are in WAVE 2, about to start WAVE 3, and this turns into a massive wave taking us up to some nice levels. This obviously needs us to blow right passed 10.2k to avoid a double top, so be careful if you're trying to short there ... you never know.
RED WAVE:
Assume we are in a triangle wave, and heading down in WAVE E. This will ultimately touch the bottom at around 6700ish, and possibly extend passed. 6.5k, 6k and 5.4k bottoms is where I'd be looking for a possible extension. From there, we would expect a bottom confirmation and a nice wave up, likely an impulse and return to bull market!
So either way it goes, we just have to watch these critical points. Enter in at points with tight stops. The idea is that all of these lead to a nice rebound, hopefully sometime in May. I can't wait for that to be honest ... I miss those days.
Remember only a fool relies on one possible outcome.
Do not make financial decisions based on this information. For educational purposes only.