Hello friends.
Our last idea was proven to be incorrect, so we closed it out at the stop loss. We were correct that there would be a recession, but we were incorrect in thinking that the market would react to the news of a recession by selling off. We think market participants are probably assuming that a recession means the FED will have to just instantly pivot, and buying on the basis of this train of thought, but this couldn't be further from the truth.
We hadn't seen this count before, but it's very beautiful. It's clean. Every single movement in the WXYXZ is very similar in time AND price which is exactly what we want to see. All of the movements are also contained inside of the channel and are highly choppy rather than impulsive, which is required for a corrective movement.
This count expects a peak on August 1st, which is when Maren says we could see something very bad happen to trigger the ignition for a movement down in risk assets due to the menacing Astral Chart on that day. She even said she will stay out of all major cities on that day, so it could be real bad. Maybe we should all do the same. Stay safe on August 1st!
When it comes down to it I kind of like how the bearish news event is used with this count by the market makers to sweep the high and clear out shorts right before the dump. Markets do this all the time, and it makes sense for them to take that liquidity. They really seem to enjoy moving the market very sharply in the exact opposite direction of what we would expect from a news event. We did end up seeing the same thing with the CPI report, where the market made a face ripping move upwards when presented with terrible news. It's laughable in a way. But that doesn't mean the markets are wrong. The market is never wrong, but traders often are.
The shorting target will be at $25,119. Prices can also expand as high as $25,640, but we don't really want to see them go higher or else the count will be needing reconsidered.
Thanks for playing.
Our last idea was proven to be incorrect, so we closed it out at the stop loss. We were correct that there would be a recession, but we were incorrect in thinking that the market would react to the news of a recession by selling off. We think market participants are probably assuming that a recession means the FED will have to just instantly pivot, and buying on the basis of this train of thought, but this couldn't be further from the truth.
We hadn't seen this count before, but it's very beautiful. It's clean. Every single movement in the WXYXZ is very similar in time AND price which is exactly what we want to see. All of the movements are also contained inside of the channel and are highly choppy rather than impulsive, which is required for a corrective movement.
This count expects a peak on August 1st, which is when Maren says we could see something very bad happen to trigger the ignition for a movement down in risk assets due to the menacing Astral Chart on that day. She even said she will stay out of all major cities on that day, so it could be real bad. Maybe we should all do the same. Stay safe on August 1st!
When it comes down to it I kind of like how the bearish news event is used with this count by the market makers to sweep the high and clear out shorts right before the dump. Markets do this all the time, and it makes sense for them to take that liquidity. They really seem to enjoy moving the market very sharply in the exact opposite direction of what we would expect from a news event. We did end up seeing the same thing with the CPI report, where the market made a face ripping move upwards when presented with terrible news. It's laughable in a way. But that doesn't mean the markets are wrong. The market is never wrong, but traders often are.
The shorting target will be at $25,119. Prices can also expand as high as $25,640, but we don't really want to see them go higher or else the count will be needing reconsidered.
Thanks for playing.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.