SQ has topped out on 5 AUG, perfectly closing at Gann level 284. Price has since formed a series of corrective ABC patterns and bounced off the 20 week MA on 13 SEP.
Square is currently approaching Gann level 267, with the 5th wave coming to completion (green count). The blue box is also the 50-60% retracement area of Wave (a), where sellers may step in.
If SQ stalls in this area, we may prepare ideas for the next short exposure to participate in wave (c). A target could then be Gann level 206. (Wave (a) encompassed 3 levels, wave (c) may encompass 4 levels to complete 7 Gann levels, the cycle number).
Correlations: BTC performed a bullish reversal after completing 5 waves down. Two constellations on 22 SEP, Sun square natal Venus and trine natal Jupiter, promised an expansion of bullish volatility and we were not disappointed. However a retracement is due and that may potentially give us wave (c) in SQ.
If BTC continues to rally, a drop in SQ becomes more unlikely and we may see a phase of contraction instead.
As major stocks are completing a wave B, markets are likely to remain choppy and volatile before we see the next move unfold.
______________
In my analyses I combine Elliott waves, Gann theory, and planetary aspects to identify turning points in the markets & derive high-probability trading ideas. The strategy is to build leveraged exposure when markets are likely to expand (momentum), and to use options premium decay for consistent income when markets may contract (range).
Get a 14 Days Free Trial: www.constellations.trade
Open an account here if you'd like to support my work:
Deribit - Trade Bitcoin option premium decay strategies here:
www.deribit.com/reg-14912.6680
Binance - 10% off trading fees with this link:
accounts.binanc....me/en/register?ref=LLBB97...
STO = sell to open
BTC = buy to close
BTO = buy to open
STC = sell to close
These abbreviations in the chart are ideas provided as educational information and do not constitute financial advice.
Disclaimer:
The views and ideas expressed in this analysis are that of the maker. They are provided as educational information and do not constitute financial or trading advice.
Square is currently approaching Gann level 267, with the 5th wave coming to completion (green count). The blue box is also the 50-60% retracement area of Wave (a), where sellers may step in.
If SQ stalls in this area, we may prepare ideas for the next short exposure to participate in wave (c). A target could then be Gann level 206. (Wave (a) encompassed 3 levels, wave (c) may encompass 4 levels to complete 7 Gann levels, the cycle number).
Correlations: BTC performed a bullish reversal after completing 5 waves down. Two constellations on 22 SEP, Sun square natal Venus and trine natal Jupiter, promised an expansion of bullish volatility and we were not disappointed. However a retracement is due and that may potentially give us wave (c) in SQ.
If BTC continues to rally, a drop in SQ becomes more unlikely and we may see a phase of contraction instead.
As major stocks are completing a wave B, markets are likely to remain choppy and volatile before we see the next move unfold.
______________
In my analyses I combine Elliott waves, Gann theory, and planetary aspects to identify turning points in the markets & derive high-probability trading ideas. The strategy is to build leveraged exposure when markets are likely to expand (momentum), and to use options premium decay for consistent income when markets may contract (range).
Get a 14 Days Free Trial: www.constellations.trade
Open an account here if you'd like to support my work:
Deribit - Trade Bitcoin option premium decay strategies here:
www.deribit.com/reg-14912.6680
Binance - 10% off trading fees with this link:
accounts.binanc....me/en/register?ref=LLBB97...
STO = sell to open
BTC = buy to close
BTO = buy to open
STC = sell to close
These abbreviations in the chart are ideas provided as educational information and do not constitute financial advice.
Disclaimer:
The views and ideas expressed in this analysis are that of the maker. They are provided as educational information and do not constitute financial or trading advice.