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DaddySawbucks
Aug 8, 2023 4:53 PM

Primary Selling Wave 1 May Be Completed; Big Bounce? Long

TVC:SPX30
S&P 500 IndexTVC

Description

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Pretty strong down moves in a wild ride likely a setup for BTFD, CPI numbers Thursday AM the catalyst for retracement move.

Probly don't wanna be short right now. Could tank again if more geopolitical news smacks it down but absent adversity, expect a lift.

Any lift will be a countertrend move in a primary downtrend.
Likely target is the 0.62 Fibo retracement near 4545.

Made inverted H&S intraday Tuesday. Probably good to get into cash if you don't wanna be long.

Getting oversold. Can get more so but bears near exhaustion.
Be careful!

Trade active

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BTO 200 TQQQ covered write short 8/11 $42 calls

Comment

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NB: We do not know if this is 'primary selling wave 1' until we see the bounce... risky business. Light longs!

Comment

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Back at the opening gap and looking real sketchy. Crowning pattern.

Comment

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Astonishing is it not? How after all the shaking and jiving price is again where it was yesterday, the day before and a week ago.

This is not an investor's market. It's pure speculation.

Expect lower again soon. Every day a dice roll.

Trade closed: target reached

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out longs

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Out shorts. Looks like firming up for a reversal, again.

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Got higher but there's notable divergence of indexes, DJI and RUT weaker all day. All the lift was a short squeeze, mostly on NQ big names. Ominous.

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Yeah, another big gap & go down day. So unpredictile. Could get some sharp panic selling before the move ends.

Trouble with these moves is you has to anticipate it the night before... but who knew?!

Gotta be a good guesser in this market.

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Puts printed, wow. All out. Oversold, can ofc get more so.
Chart PatternsTechnical IndicatorsWave Analysisinvertedheadandshouldersprimary_wave
Comments
JabezDolz
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Zoom out and you’ll se that’s a bearish wave, leading diagonal to begin breakdown. On its own it does look like a bullish Wolfe wave, but not in the context of start of larger C wave
DaddySawbucks
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@JabezDolz, ty!
nzahir
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You think cpi will be a catalyst to go up?

We should be going up from 3 to 3.2/3.3%

And then around 3.7-3.9 next report

How will the market like that?
mjcpaull
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25th Aug will see new lows - look for 4250
bonnenul
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bro.you see a bounce ？i see a new high... I'll short when dxy near 98.5. maybe just 8.23. But there is no doubt big down is on the way.
xx8615xx
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If you need to guess when will B Wave end, I would say CPI report (Thursday), PCE report (Friday) or NVDA report (8/23).
Or just check oil price in market.
8/23 may be too far away and can be the key for why wave C happen.
I think CPI Thursday or PCE Friday is a good point to test wave B is end or not.
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