Tech getting waxed but that doesn't mean we can't scalp some calls.
Tomorrow feels like it's gonna paint a huge daily bar... just dunno which way yet. If it opens green, my guess is it gets knocked lower into close... probably busting that channel and all the way to the .786-.886 retrace from the double top and .382 retrace of the entire rally from pandemic bottom. If it opens red (which I think is more likely) BTFD and wait for papa powell to tell everybody a good night story so they don't freak out.
All the risk is priced in already. Doubtful that powell's gonna say anything scary that hasn't already been said. That red overlay you see is the entire 2020 pandemic correction. At the very least I think we get a powerful wave 4 in the near term even if there's more pain ahead.
I will be long TQQQ and a couple of calls on QQQ here and there. This ain't advice, have fun w/ it.
Tomorrow feels like it's gonna paint a huge daily bar... just dunno which way yet. If it opens green, my guess is it gets knocked lower into close... probably busting that channel and all the way to the .786-.886 retrace from the double top and .382 retrace of the entire rally from pandemic bottom. If it opens red (which I think is more likely) BTFD and wait for papa powell to tell everybody a good night story so they don't freak out.
All the risk is priced in already. Doubtful that powell's gonna say anything scary that hasn't already been said. That red overlay you see is the entire 2020 pandemic correction. At the very least I think we get a powerful wave 4 in the near term even if there's more pain ahead.
I will be long TQQQ and a couple of calls on QQQ here and there. This ain't advice, have fun w/ it.
Comment:
scenario 1 (the less likely one) played out and I'm expecting some kinda diagonal here to end wave 3 or C... 5th wave of diagonal will likely end some time near market open tomorrow. Looking at around 13550-ish. Should get some bullish action next week.
Comment:
Taking forever to draw this final diagonal... won't get an idea of entry until at least this 3rd wave of the diagonal finishes. My guess it'll look expanding w/ some kind of circuit breaker 5th. Still waiting to BTD, no position.