I'm speculating that the market (SPY) will bounce off the 240 area for an ABC correction in the 4th wave to the 250 area, where the 20 day MA will catch up.. And then one more leg down for the 5th wave to make new lows in the 232 area, which coincides with the measured move out of the channel and the long term uptrend line from 2009.. To be determined
I've kinda been killing it these past couple of months.. I recognized the channel, started building a short position in November using a break of the middle of the channel as my out, and anticipated the break of the channel for a downturn.. I covered all my short positions and sold my ultrapro short ETFs in late December as it went down, even went long for a bounce and quickly sold them after only a few days, which also worked out.. Now, the chart is starting to look like a 5 wave pattern, which seems to sync up with the measured move out of the channel and the long term uptrend line from 2009.. We'll see if it plays out, but I'm still looking to remain flexible in this market.. Definitely more scalping, sniper-like trades in this market uncertainty and volatility..
I've kinda been killing it these past couple of months.. I recognized the channel, started building a short position in November using a break of the middle of the channel as my out, and anticipated the break of the channel for a downturn.. I covered all my short positions and sold my ultrapro short ETFs in late December as it went down, even went long for a bounce and quickly sold them after only a few days, which also worked out.. Now, the chart is starting to look like a 5 wave pattern, which seems to sync up with the measured move out of the channel and the long term uptrend line from 2009.. We'll see if it plays out, but I'm still looking to remain flexible in this market.. Definitely more scalping, sniper-like trades in this market uncertainty and volatility..
Comment:
I got long FAZ from 12.56 today.. Using today's low of 12.43 as an out.. As my told my friend earlier, "honestly, I just dont trust this market to go in one direction so easily.. I feel like traders are gonna get whipped around and shaken out left and right"..
This is an interesting article that is calling for the rally to possibly go into the 2700 area, reason being that his Elliott Wave speculation is that we are in wave B of the ABC correction of an already completed longer term Elliott Wave pattern..
Anyway, always good to have insights and other perspectives.. I kind of hope he's right because I am currently sitting on longs from a few days ago..