Res Ipse Loquitur!
EW Projections are Estimates based on most common occurring Fibos;
This is NOT investment advice; trade at your own risk; GLTA!!
Ref: JJ Murphy, Fig 4.10A, p. 72 (TL Rejection) and EW Chapter Theory:
Ref: EW Leg common Fibos, ref chart: "Characteristics of Waves":
IF it forms ABC, 2800 is likely support.
If it's an impulsive move, the next move will extend from 1.272 - 1.618 depth of the first leg, defining the complete movement.
Rather miss a short than be a pig at slaughterhouse!
IMO will invalidate; waiting on clear direction. In cash atm; stay safe!
Six contracts per pos.
Short the rallies IMO!
Account is up 25% over past two weeks. Wish I could expect to annualize that return, lol , it's 625% annual!
Fear drains out of markets, might have one more sell wave left in it but we're getting higher lows again.
Looking at BTD on FB...
Light volume trading tends to lift and Tuesday could bull in a countertrend wave. Got yard work and errands to run; not watching this grind all day!
Not a big pos, could def bull more on Tues, will collect the short leg premiums if it does.
Drawdown on the long puts nearly entirely offset by gains on the shorties!
It is a falling wedge; should backtest the wedge TL IMO. Tar ~2960 +/- 20 pips
Good luck, I'm staying out, maybe a small overnight play again. ES1 MFI is dropping, and it probably goes oversold tomorrow.
The ASians and Euros don't sit around looking at US index candlestick patterns, they trade off of futures indicators. Remember all futures move in the same direction.
What can't go up, must come down.