Following the massive drop due to poor manufacturing data, equities have had a considerable relief rally... Most articles point to good employment numbers, but in my opinion this will not prevent an even deeper correction... It seems like news outlets are clinging to whatever data they can find that attempts to explain a sharp move in one direction or the other... I am not entirely sure of the wave count but I am confident we are in a corrective pattern that should extend to at least the length of the first wave (which I have marked as a wave A)... This leaves the green line as my next target (can extend much further but I plan on exiting at this level)... The red line is still my stop loss, passing this line would invalidate my idea and suggest further upside...
Still very bullish on crypto, I believe there should be one last push lower before back to bull...
I also bought some SLV December calls... precious metals should continue upwards but I do have conservative stop losses in place...
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Name of the game is to stack probabilities in your favor and have an educated bias with risk management parameters...
If you guys appreciate my insight I encourage you to follow me on tradingview!
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Did a little more charting this morning and recognized overbought RSI on the hourly chart... Could indicate one last high before more downside... But that would also reveal 5 impulsive waves up, typically proceeded by 3 waves down and continued upside... as displayed by this chart
This is just an idea! Not expecting this at all... but its something to be prepared for and if I recognize 3 waves down I will most likely exit the last half of my position...
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Looking good so far, rejected where I was expecting... MOVED STOP TO 2960...
Trade closed manually
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Recognized a possible 3 wave pattern up... Exiting for now with intention of getting short again once a clear structure is completed... Will post a new brand new chart once more info is available to me...
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Trade talks resume this week as well... could be a catalyst for a move higher... Time will tell...
Overbought RSI from last week played out today and we got a very slight higher high... Looks topped out to me and should expect some downside... Not yet sure whether it will be a continuation down or simply a corrective down... Will provide updates as I see new info...