Since SP500 continued to violate my counts I had to zoom out and reframe the bigger picture. Near term, the market remains overextended. RSI and price action are such that we can get a sharp sell-off any moment. However, it is likely that the uptrend will continue after that into late Aug. My shorts are scorched. I need to wait for the exit opportunity
stay strong lol, my shorts have disintegrated into tiny fibers of tears.
CapeAfrican
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Gutsy guy to call it like it is - Tough to have to step back in the middle of a large drawdown...I got some Aug 21 puts that may be vaporware too...I am with @theriz801 in his thought s- 3 unemployment reports ADP Weekly Monthly and a failed stimulus deal may be a wake-up call? I appreciate your analysis and print your charts out to write on. Cheers
theriz801
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Like another good trader I know, you are too early. OBV for SPY and QQQ is plateauing or even decelerating. My hunch is buy the rumor sell the news on Stimulus or a bad report for Jobs Friday may be catalyst but doubt the Govt will let the numbers be too bad if at all.
Shiloh777
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Thanks.
davidismyname
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Rats... whether to exit shorts if it drops to 3200 again, or keep waiting who-knows-how-much-longer for a larger correction.