ProfitHarvest

[SPX] RW Exactly Nailed Trend Reversal Lol

Short
SPCFD:SPX   S&P 500 Index
Sometimes these ideas work out surprisingly well!

Price exactly landed on the tip of our RW yesterday and collapsed cleanly below today getting stopped right at our 1Y Peak Channel mid-line fractal .

OG Idea...

Comments

Long tail candle, liquidity coming to the rescue : -) . Great analysis buddy keep them coming and updated enjoying them allot.

wish you the best.
+2 Reply
SLOPolarBear samitrading
@samitrading, I was thinking the exact same thing at first, but we're not seeing the usual spring. These candles after the bounce are similar to what we saw in Feb after the first puke (no I'm not suggesting the market is about to puke on that scale again, but I'm equally dissuaded from being in the market for the moment). Cheers.

+1 Reply
samitrading SLOPolarBear
@SLOPolarBear, Hey buddy,

Nice Profile photo ; -). One of the hardest and most expensive lessons i've learned so fare if you do not like what you are seeing , do not trade it. take emotion and bias out of

trading game. Being out of the market now is smart like really smart, we are probably forming an ending diagonal (if my Elliott wave count is correct) of some sort, which is

by it self a big sing of weakening. Or this is wave 4 of 5 of 5 "small abc zig zag" then another small wave 5 of 5 then correction. The question is when and where. Everyone out

there is calling for a top, but 2000 checks are incoming soon and no other place but stock.

But, i totally agree with your wisdom and courage to be out of the market right now , losing an opportunity is much better than losing money or hanging up here for a long

time : -). thanks for sharing your charts.

wish you all the best.
+1 Reply
I think we are going to bounce today for one final push upwards but its becoming more and more clear the Bulls are getting tired. We already bounced off our supports and the RSI is fairly exhausted on the hourly and 4 hour chart, add in the fact that the last 4 times the daily RSI has dipped to this level we bounced upwards. I think we will make one more push towards 3820 before breaking below the wedge for good.
+1 Reply
Let's see if she holds. I have a feeling we're about to see a break below. Stocks are turning over, but not seeing rotation.
+1 Reply
samitrading SLOPolarBear
@SLOPolarBear, they are saying smart money is going to commodities ! not sur, but they say commodities are about to break up big time.

wish you the best.
+1 Reply
SLOPolarBear samitrading
@samitrading, I'm sidelined until I get a better grasp. I've never lost money that way. :D
Reply
samitrading SLOPolarBear
@SLOPolarBear, very smart of you .

wish you the best.
Reply
I agree with your idea
Reply
higher low and 4hr hammer. i am long
Reply
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