Im very excited because i think we have a very nice short opportunity on SPX that could last months. I feel "confident" because this price behaviour is common after a diamond pattern. I know this pattern very well, i have traded succesfully it before:
A diamond pattern 80% of times means trend-change. After it price usually makes deep retracements (0.7860 or 0.8860) but most important will not MAKE NEW HIGHS.
According to EW price usually forms a series of 1-2s or leading diagonal, this means a strong third wave is expected.
I will try to enter enter short near the 0.7860 and 0.8860 fib retracement.
what do you think now that it broke out of the channel?
FullTimeTrader
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I use elliot waves as confirmation, right now staying aside
josepaiva
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Are you still bearish? For God sake we all should... but all these news about job reports and all this manipulation makes me wonder for how long more they will keep this bubble inflated...
IvanLabrie
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It's inching higher but the resistance is unreal.
Now jobs numbers are revised...really funny.
julia17
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also, bearish gartley will be on 2049 on weekly. agree with short level, nice opportunity.
FullTimeTrader
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Hello, thanks for comment, yes the gartley is also around that area, everything is pointing down. We could trade this short term or long term.Regards.
pathaniasourabh
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Can we perfer this trade????
FullTimeTrader
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Hello, i would better wail till next week, bulls feel still stronger this days. regards.