The 8350-8400 level proved to be very strong support as the expected 8200 support was never even reached. The chart above shows a possible count underway in which the 8350 takeoff to 9500 was wave 1, we just retraced nearly fully for wave 2 and have started wave 3 with a bang as 3of3 just shot straight up. We are now looking to retrace to maybe 9050 or 8750 at best but don't count on going that low as a spike like this will incite FOMO and we could just have a spike-flat-spike type of impulse.
Keep in mind these are subwaves of subwaves and we are really looking at the very early stages of a higher degree wave 3 (to the 6k-12k wave 1). Currently on 4of3 of 1of3 if you can follow that :p.
GL trading and I hope you were actively playing likely bounces just in case something like this arouse.
Keep in mind these are subwaves of subwaves and we are really looking at the very early stages of a higher degree wave 3 (to the 6k-12k wave 1). Currently on 4of3 of 1of3 if you can follow that :p.
GL trading and I hope you were actively playing likely bounces just in case something like this arouse.
Comment:
Well a true show of a hasty post, this was 3of3 according to my count but I drew the subwaves wrong. 1of3 was 8400to8800, 2of3 came back to 8470ish and 3of3 took us all the way to 9300. sorry for the confusion.
Comment:
This count is still valid!
orange wave 1of3 completed at 9900, wave 2 dropped to 8750 and we are now either starting up wave 3of3 OR on the B of wave 2 which would go to about 9400ish (now 9200) and then fall again to 8750ish with a wick down to as low as 8500ish. Today's drop to 8750 was to the 78.6% retracement (fairly common for wave 2) so going slightly below that is not too out of the ordinary.
Everyone is calling for 7K or sub 6K so I expect market makers to do what they did when everyone was calling an inverted H&S break ... the opposite.
This is a time of uncertainty so having stops at about 8400 or so is prudent. You can even have stops at 8730 but then u really risk getting wicked out on wave C of 2 if that scenario comes into play.
orange wave 1of3 completed at 9900, wave 2 dropped to 8750 and we are now either starting up wave 3of3 OR on the B of wave 2 which would go to about 9400ish (now 9200) and then fall again to 8750ish with a wick down to as low as 8500ish. Today's drop to 8750 was to the 78.6% retracement (fairly common for wave 2) so going slightly below that is not too out of the ordinary.
Everyone is calling for 7K or sub 6K so I expect market makers to do what they did when everyone was calling an inverted H&S break ... the opposite.
This is a time of uncertainty so having stops at about 8400 or so is prudent. You can even have stops at 8730 but then u really risk getting wicked out on wave C of 2 if that scenario comes into play.
Hope this count holds up and we start flying upwards. A very real possibility of remaining range bound but this pump was just so impressive it just might make the bulls believe again.