I wanted to zoom out the chart tonight to give everyone a bigger picture look for better clarification. We spend so much of our time down in the nidi gritty trying to figure out the micro's, we sometimes neglect the macros.
In the main chart above, I have made an entirely new chart with a bull scenario in mind. It suggests we are now coming to the end of this move up for primary wave 1. Next, we could possibly make OMH up to the 2.618 fib line @ $16466.50, which wouldn't be unheard of, or we will head down for primary wave 2. If it is a wave 2 then it will be somewhat unpredictable. It can either be short vs long, or shallow vs deep. Structure should be what we use to guide us to our ultimate conclusion. Hopefully we get the clues we need this week.
The Chart below is the Bear count and has been my primary for some time now.
www.tradingview.com/...H-NASDAQ-BEAR-COUNT/
Regardless of if this turns out to be a new bull cycle or a continuation of the bear cycle, the next direction I see this taking is down. As said above, even with the bear bias we could still make OMH to finish out the B wave. The key to deciphering bear vs bull is in the...you guessed it...STRUCTURE!!! If this is a continuation of the bear cycle, then the next move should be an impulsive structure to the downside for wave C. If it is a retrace within a bullish structure, then we should see a corrective ABC pattern into the grey box on the top chart.
As I said, regardless of what the bias turns out to be, this move is running on fumes and coming to an end soon if not already. Good luck everyone!
Bonam Fortunam,
--Tyler
In the main chart above, I have made an entirely new chart with a bull scenario in mind. It suggests we are now coming to the end of this move up for primary wave 1. Next, we could possibly make OMH up to the 2.618 fib line @ $16466.50, which wouldn't be unheard of, or we will head down for primary wave 2. If it is a wave 2 then it will be somewhat unpredictable. It can either be short vs long, or shallow vs deep. Structure should be what we use to guide us to our ultimate conclusion. Hopefully we get the clues we need this week.
The Chart below is the Bear count and has been my primary for some time now.
www.tradingview.com/...H-NASDAQ-BEAR-COUNT/
Regardless of if this turns out to be a new bull cycle or a continuation of the bear cycle, the next direction I see this taking is down. As said above, even with the bear bias we could still make OMH to finish out the B wave. The key to deciphering bear vs bull is in the...you guessed it...STRUCTURE!!! If this is a continuation of the bear cycle, then the next move should be an impulsive structure to the downside for wave C. If it is a retrace within a bullish structure, then we should see a corrective ABC pattern into the grey box on the top chart.
As I said, regardless of what the bias turns out to be, this move is running on fumes and coming to an end soon if not already. Good luck everyone!
Bonam Fortunam,
--Tyler
Comment:
Not much changed in regard to the count today. We are still waiting to see which way NASDAQ will lean. I'm still of a mindset that we are going to head lower very soon. We can still get that OMH to complete this B wave, but it is not required. When we have more data (hopefully tomorrow), I will post a new update.
Comment:
Looks like the start to an impulsive c wave that should make a pit stop in my box. Will update in a little bit.
Looks like the start to an impulsive c wave that should make a pit stop in my box. Will update in a little bit.
Comment:
Next target
Comment:
Next target is the highlighted box. Question is, is this a bull structure making this an A wave within wave (2), or the beginning of a C wave for a larger move down?
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
