Disclaimer: My long term projections are not anywhere close to as good as my daily projections
I'm not much of an Elliot guy, but I do believe in the 3 drive pattern because the market does it a lot. It's part of the algos, I posted 3 drive pattern down a few times during the tank. Anyways, this plot shows why I keep saying no shorting until next week, either Tuesday or Wed I think.
People keep mentioning the 200 DMA, please stop. ES hit it but RTY is over and NQ is under. So it depends on which index you look at, and that's why it doesn't work. It does sometimes work on individual stocks, but DMA is not a good analysis tool for indices.
Also, all major indies are touching overbought on the daily, but it usually goes further into overbought before selling off, and I have wave 4 projected to start next week anyways.
I'm not much of an Elliot guy, but I do believe in the 3 drive pattern because the market does it a lot. It's part of the algos, I posted 3 drive pattern down a few times during the tank. Anyways, this plot shows why I keep saying no shorting until next week, either Tuesday or Wed I think.
People keep mentioning the 200 DMA, please stop. ES hit it but RTY is over and NQ is under. So it depends on which index you look at, and that's why it doesn't work. It does sometimes work on individual stocks, but DMA is not a good analysis tool for indices.
Also, all major indies are touching overbought on the daily, but it usually goes further into overbought before selling off, and I have wave 4 projected to start next week anyways.
Comment:
LOL my long term projections suck. This could be wave 4 right here, which would imply a back test of the purple line