Well recount update as /es and SPY made a higher high after hours and broke 284. As my previous post, break up we visit 282, as we blew past that after hours and broke 284 (next target), will look for 288.50, which happens to be where after hours is currently sitting. So couple things I’ll watch tomorrow.
1) will look for retrace to demand at 284. If it holds, will expect it to push back to 288 and try for a close above
2) if 288 just holds out, will just continue to sit back! This is still a cautious zone for me
If we can get a close above 288, then target will be 292. The 292 area is the .618 retrace of overall market drop AND 292 area just happens to coincide with the 1.272x length of wave C up (wave C = length of wave A generally 1x - 1.2x). And it is also a big supply area
Game plan is if we retrace to demand, will enter a small long. If we don’t retrace I’m going to wait
1) will look for retrace to demand at 284. If it holds, will expect it to push back to 288 and try for a close above
2) if 288 just holds out, will just continue to sit back! This is still a cautious zone for me
If we can get a close above 288, then target will be 292. The 292 area is the .618 retrace of overall market drop AND 292 area just happens to coincide with the 1.272x length of wave C up (wave C = length of wave A generally 1x - 1.2x). And it is also a big supply area
Game plan is if we retrace to demand, will enter a small long. If we don’t retrace I’m going to wait