Monday game plan
Will look for a retrace to 286 / 285 area for a wave 4 within our 5 wave count higher. Once the retrace hits and if it holds, think it will make a push up to 288.50. If it can claim and hold there, next target is 292.
Note my yellow box though. A higher high above 288.51 will mark the higher high of this 5th wave within the overall current wedge up we are in (zoom out and see the white trend lines). Generally when the 5th wave in a wedge makes the higher high (or lower low) you see reversal. I mark the yellow box because at that point I will be exiting any longs I have as I do not want to take on that risk just for a potential few more points. Despite that it can run up to 292, I personally view that with the higher high at or above 288.51, it not only happens to be within the 5th wave of this wedge, BUT IT also will be within our current 5 wave micro count up.
So, any moves I do tomorrow will be a small day trade capturing the bounce from the wave 4 retrace. I’ll hold a long for 292 target if, and ONLY IF, I capture a good entry from wave 4 and have a decent enough profit to take some off and leave something on as a runner.
**** IF market gaps up tomorrow, will not be jumping in until price action forms. Will wait and see because then our wave 3 started Friday may not be over and may extend.
Will look for a retrace to 286 / 285 area for a wave 4 within our 5 wave count higher. Once the retrace hits and if it holds, think it will make a push up to 288.50. If it can claim and hold there, next target is 292.
Note my yellow box though. A higher high above 288.51 will mark the higher high of this 5th wave within the overall current wedge up we are in (zoom out and see the white trend lines). Generally when the 5th wave in a wedge makes the higher high (or lower low) you see reversal. I mark the yellow box because at that point I will be exiting any longs I have as I do not want to take on that risk just for a potential few more points. Despite that it can run up to 292, I personally view that with the higher high at or above 288.51, it not only happens to be within the 5th wave of this wedge, BUT IT also will be within our current 5 wave micro count up.
So, any moves I do tomorrow will be a small day trade capturing the bounce from the wave 4 retrace. I’ll hold a long for 292 target if, and ONLY IF, I capture a good entry from wave 4 and have a decent enough profit to take some off and leave something on as a runner.
**** IF market gaps up tomorrow, will not be jumping in until price action forms. Will wait and see because then our wave 3 started Friday may not be over and may extend.