$QQQ - wave count that I favor - SEE LONG TEXT***
I put this one up on Tuesday I believe and it has been playing out as expected. I still think we rally higher here before flushing down for the last leg of a zig zag - this takes us to a wave 2 bottom and then we put the rocket boosters back on for a Santa rally.
If you havent seen the alts where I go into more detail on NQ please look at them. There are a ton of different ways this can play out and this is why Elliott Waves can be so tricky to get right - so many alts - and honestly a lot of people find them useless for this reason. BUT they are not useless at all. Elliott waves give us actual price targets for every single move - we just need to know what all of the ALT's are - and then when the chart starts moving and we watch indicators we can reason with exactly which ALT it is following - OR if there is no trade.
IF YOU DONT KNOW WHERE IT IS GOING AND HAVE GOOD R/R DO NOT TAKE A TRADE...
With all of this being said the main reason I put see long text is this:
Look at the NQ futures indicators on the hourly - the bullish divergence was so obvious you should have known to long the open sell of on Wednesday. I practically spoon fed the rally was coming in multiple charts and on a tweet -- IT WAS A SCREAMING BTD SWING PLAY. Now it was best to close your longs by mid day before FOMC IMO. By then you likely are up 60%+ anyway - so why hold? But either way look at the inidcators here on QQQ - not so obvious.... This is when futures charts can really come in handy - since they trade 24/7 it can be easier to count waves and it also can be easier to find the divergences
Hope my rambling sometimes helps - feel free to drop me a line on the app I cant speak of at any time
If you havent seen the alts where I go into more detail on NQ please look at them. There are a ton of different ways this can play out and this is why Elliott Waves can be so tricky to get right - so many alts - and honestly a lot of people find them useless for this reason. BUT they are not useless at all. Elliott waves give us actual price targets for every single move - we just need to know what all of the ALT's are - and then when the chart starts moving and we watch indicators we can reason with exactly which ALT it is following - OR if there is no trade.
IF YOU DONT KNOW WHERE IT IS GOING AND HAVE GOOD R/R DO NOT TAKE A TRADE...
With all of this being said the main reason I put see long text is this:
Look at the NQ futures indicators on the hourly - the bullish divergence was so obvious you should have known to long the open sell of on Wednesday. I practically spoon fed the rally was coming in multiple charts and on a tweet -- IT WAS A SCREAMING BTD SWING PLAY. Now it was best to close your longs by mid day before FOMC IMO. By then you likely are up 60%+ anyway - so why hold? But either way look at the inidcators here on QQQ - not so obvious.... This is when futures charts can really come in handy - since they trade 24/7 it can be easier to count waves and it also can be easier to find the divergences
Hope my rambling sometimes helps - feel free to drop me a line on the app I cant speak of at any time