Today we got the OMH I said was possible and then proceeded to tank from there. We literally dropped almost $2 in 2 hours. I had also mentioned that when an ending diagonal finishes, the initial part of the retrace is swift and strong due to traders finally giving up on the upside. It appears that was the case today. I say appears because we still don't have confirmation, but the signs are there. I've said it before and I'll say it again, EWT is only as good as the analyst. I am not perfect as I am human and therefore fathomable. By the grace of God and Jesus, I have been able to interpret these charts with relative accuracy and I pray that continues.
The unfortunate part about updating throughout the day is I run out of things to post on here lol. Tomorrow, I expect this retrace to continue to the downside and potentially even finish. It is a corrective part of the count though, so we can chop around for a long time. Given the fact we are in wave (3) I don't anticipate a long wave 2 though as I have previously stated. For this to be standard we will drop to around the 0.382 @ $21.25 but would not be too far out of the ordinary to end at the 0.236 @ $18.66.
My plan as of now, is to start layering in shares around $21.50. I may even buy a couple calls in that area depending on what MACD is telling us. Right now, on the hourly chart the MACD has started to curl up. This could be due this being a wave 4, but I think MACD dropped a little too far for that. With the depth it has dropped, it gives me confidence we're in a wave 2. The micros show some positive divergence, but that could just be due to a b wave about to form. In short, as said prior, I expect us to continue down tomorrow but you should be ready for the possibly we move higher given nothing is confirmed. Dropping below the prior wave 4 is a big indicator the upward structure is starting to crack. The prior wave 4 in this case is @ $21.65. If we raise impulsively, that is your clue we're most likely headed for the 0.786 @ $30.47. I will update tomorrow as needed.
Bonam Fortunam,
--Tyler
The unfortunate part about updating throughout the day is I run out of things to post on here lol. Tomorrow, I expect this retrace to continue to the downside and potentially even finish. It is a corrective part of the count though, so we can chop around for a long time. Given the fact we are in wave (3) I don't anticipate a long wave 2 though as I have previously stated. For this to be standard we will drop to around the 0.382 @ $21.25 but would not be too far out of the ordinary to end at the 0.236 @ $18.66.
My plan as of now, is to start layering in shares around $21.50. I may even buy a couple calls in that area depending on what MACD is telling us. Right now, on the hourly chart the MACD has started to curl up. This could be due this being a wave 4, but I think MACD dropped a little too far for that. With the depth it has dropped, it gives me confidence we're in a wave 2. The micros show some positive divergence, but that could just be due to a b wave about to form. In short, as said prior, I expect us to continue down tomorrow but you should be ready for the possibly we move higher given nothing is confirmed. Dropping below the prior wave 4 is a big indicator the upward structure is starting to crack. The prior wave 4 in this case is @ $21.65. If we raise impulsively, that is your clue we're most likely headed for the 0.786 @ $30.47. I will update tomorrow as needed.
Bonam Fortunam,
--Tyler
Comment:
Normal action would bring us to $23.80 area before falling hard for our C wave
Comment:
This move appears strong but as of now, MACD is saying otherwise. Until we breach our top of $24.57 I am counting this as our b wave of 2. As of now this is still standard price action.
Comment:
This small box is the ideal spot to end this retrace. The big box is the possible ending of this move down
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
