As the title suggests MACD is a little contradicting right now. On the micro 3min chart, MACD made a new local low and then turned right around to make a new high. LOL. The low suggests we're headed down again tomorrow to finish out the orange count. The high that happened right after suggests price is headed up tomorrow and that b is already finished. Technically speaking we did enter the price area of the top of the orange box.
Looking at the larger counts, the move up today from the $15.85 low barely even shows up on the MACD. However, if you look at the hourly chart, MACD came right down to the zero line and started to move sideways. This is a hall mark of wave 4's. Although, there is no guideline restricting it, if this is wave iv it is very deep. It dropped all the way past the 0.5 retracement of the wave iii. If it is the orange count, it is following the standard retracement fibs almost perfectly.
Long story short, we don't have a definitive answer on the most accurate count. We're at least down to two main possibilities. Tomorrow is my wife and I's 12-year anniversary so I will try to watch the markets but could be limited in my responses.
If white count is right, then we should head to the low $17 area next. If orange count prevails, we should head lower towards the orange target box.
Don't forget, beginning February 23rd, I will be dramatically changing my posting schedule here on trading view. My last regular post / update will be on that day.
Looking at the larger counts, the move up today from the $15.85 low barely even shows up on the MACD. However, if you look at the hourly chart, MACD came right down to the zero line and started to move sideways. This is a hall mark of wave 4's. Although, there is no guideline restricting it, if this is wave iv it is very deep. It dropped all the way past the 0.5 retracement of the wave iii. If it is the orange count, it is following the standard retracement fibs almost perfectly.
Long story short, we don't have a definitive answer on the most accurate count. We're at least down to two main possibilities. Tomorrow is my wife and I's 12-year anniversary so I will try to watch the markets but could be limited in my responses.
If white count is right, then we should head to the low $17 area next. If orange count prevails, we should head lower towards the orange target box.
Don't forget, beginning February 23rd, I will be dramatically changing my posting schedule here on trading view. My last regular post / update will be on that day.
Trade active:
Bought an additional 100 shares. The risk / reward is to good to pass up.
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
