Leaning towards the market starting to turn over again now... took a lot of time to recount and review and I think the breakdown from the wedge up completed the relief rally (where I have (e) = “v” = “C” = “X”; all of these being lesser degree structures coming together, I.e. e completed V; V completed C; and C completed X).
With that, it looks like we are currently in 5 waves down, with today being wave 4 retrace (white “iv”).
Game Plan: higher high break of 281 can suggest different corrective structure, until then, I’m sticking with watching for price to retrace and make a lower high below 281. As we will be in wave 5 down, this should break down into 5 smaller waves. So the retrace I’m looking for will be the 1 - 2 wave structure and hopefully catch good entry to short. Roughly thinking 275 > retrace 278 > 270 > consolidate > 264.
This is just what I’m seeing as of tonight. Markets change just as this projection can change!
Makes lot of sense. Today's 281 level invalidation was key but as you mention anything can happen
PT_Marche
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@OptionTrends especially since the April 21 gap isn’t completely filled; just a potential argument for anything can still happen! Just will have to wait and see.
OptionTrends
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Holding above 281 :) looks like lot of support here
PT_Marche
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@OptionTrends, I actually just shorted at 282; it is looking like a 1, 2, (1),(2) set up. Looking at my invalidation level, I would need a daily close followed by support. We did get that gap fill too
Note: my stop loss is at 2833.25 (viewing on the futures chart)