NAS100USD
NDQ
QQQ
My view that a rise in wave c of B of a correction is coming has not changed.
We are in the ending of a correction within a larger correction and corrections by nature are notorious beasts to predict their shapes and forms - as opposed to impulsive trend moves which are easier to predict.
I believe another minor low is needed in this c of b of B (lol !) to complete a more ideal 5 wave form. It might happen today or on Asian opening Sunday night.
This drop is at the 78.6% retracement of" a of B" rise so it is pretty much "do or die" zone so fingers crossed.
I believe the low of larger A should hold, however.
Because of the larger drop in b of B I have lowered my target of the end of wave c of B to the 61.8% retracement zone wave A drop (crash of last week) as opposed to the 78.6 retracements.
Since "a of B" rose based on hopes and rumors of Fed intervention, I am speculating that the rise in "c of b" to come will as a result of hopes/announcements of good news - either new Fed intervention and/or in combination with some kind of Trump Admin fiscal stimulus package or just plain and simple - the mythical PPT (Plunge Protection Team) :)
Let's see what news or rumors transpire over the weekend.
Cyrus
For all of you freaking out that a crash is coming - hold on to your horses.
I urge you to read Trump's tweet of 24 mins ago which he sent out within 20 mins of Asian futures open as S&P Futures puked down.
Trump is up to something and don't be surprised the Fed and/or Admin will announce major intervention tomorrow.
I have been repeatedly warning shorts that Trump ties his re-election on the stock markets and is an integral part of his gauge of how well his Presidency is going - right or wrong :)
Depending if we break new lows slightly I might even have to alter count to still count this drop as an expanded red B down OR - the bigger black C and the end of the correction.
Let's be patient and see how price patterns unfold.
I think a few surprises are on the way.
Oil dropping is not so bad - once markets understand that it is in effect a stimulus package for the US consumer and will free up $$$ they can use to purchase shit and will help to boost confidence.
All in all, we are traders and don't really care why things go up or down. But I wouldn't count or bet against the Trump and Fed Put :)