Fibo at 4168 expected turn, might pump higher, but it will sell again. Same pattern unfolding as last June swoon. RSI declines.
Might break under 4k, or give a double bottom as it did last year around this time. IMO very unlikely to get back over 4200 until move is over.
Trade with care, it's full of traps for bears and bulls now, just damned risky in any position IMO. This is not advice, just an idea; GLTA!
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Shorted
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There is a gap waiting to fill at 4188 above
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At Fibo 4168; might be 20 pips left in it
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Price forming a descending wedge which is bullish, wouldn't get short here yet IMO
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Also notice how the Euros sold in AM and rallied in PM... if same pattern, too soon to short, let the rally top out IMO
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Yep here it is, DJI bounced strongest. Watch n wait!
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Entering shorts on SPY, QQQ. Watch sector rotation, short sectors when they rotate the rally. Small caps soon IMO
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Pure joy... covered the shorts on first wave, re-entered on the lift and rode down to the bell; holding ten bear spreads, here weee gooo!
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BIG gap down, price appears to hold at the low from 12 May; could be a double bottom with higher to come soon. Made bank, taking Risk-off!
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Closed this on the double bottom. Seems like all the action is after hours; gotta be in position EOD, lol. Just watching now, see latest post; expect higher, maybe ATH.
Are you entering your shorts with expiration out into June?
DaddySawbucks
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@StonkWizard18, i usually trade 10-14 day weeklies. didn't have a big position for this dump, such a big gap is always a surprise.
poister198
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Looking at futures movement, hard not to believe it will not close at least 4200 for the week. Correction is done and dusted, IMO still maintain that it is the last chance to get anything below 4200.
DaddySawbucks
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@poister198, correction is not completed IMO. look at June 2020, next leg came after a week of hanging like this
aliengr116
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Will we continue rising upwards on Monday? I still feel we had fake dally but you never know with this market. I was short and lost money last two days…
CivilMinded
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It's possible we head down from here, but I doubt it.
We crossed the 4168 fib around 10 AM and stayed over it the rest of the day.
In fact, during the two last sell-offs, we found support at 4173 and bounced up both times.
hungry_hippo
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The tank is over, NQ is oversold on the daily, they're gonna pump tech to a new ATH and SPX will go for a ride.
aox8zs
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StonkWizard18
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@DaddySawbucks I like it. I was looking at last June and last September and this looks similar. My guess is late Monday or Tuesday we sell off again.