ES goes overbought, its gonna sell off again.
In other words, up then down, more whipsaw lol. WHIPSAW!
THe problem is that world markets aren't aligned, FDAX is lose to oversold, ES is close to overbought, between the two they're whipsawing the world market. Also, Asia and Europe have gone indifferent directions almost every day.
Tough market to trade. Don;t...
ES Is taking the form of a bullish falling wedge (much smaller than the last one thank goodness). If it does not break down, it has the potential to bounce again, after which, if it does, I of course, true to form, still expect it to fall again.
📌 General remarks
After we completed the breakdown as expected, we have a valid swing down for sellers. Today flows look set for a small pullback before continuation of the decline into 26,376 and 25,139 as the main targets below. This is a leg of two halves, we have a zig and a zag. We are trading the pullback in the Zig before we function the continuation of...
The three wave bounce out of the wedge that I anticipated appears to have completed today. I expect we will now head down to the original broadening top trend line next, where I do expect another bounce.
Explanation is in the chart. The question is: are we done with the first major correction off the highs? If we're done now, we should see serious selling heading to the broadening top trend line.
If we're not done, then we have completed the first leg, and begun the second leg of a larger 3-leg structure, after which we will then go visit that trend line.
I think we may just have concluded our second counter rally. We should start moving down now.
The first counter rallies, are the very sharpest, and these were certainly doozies.
Sharpest rallies happen in bear markets, not in bull markets.
Watching the price action here, rally doesn't feel quite done. When we turn, it will be unmistakable. We're not "impulsing" down; feels like we are only "correcting" down. Here is a possible scenario.
Spare me that "he's a bull" baloney.
Am trying to the get the timing right. :)
dots = 1.5 ATR
white dots= 2 ATR
blue dots = 2.5 ATR
top black line 1.75 ATR
bottom black line =2.25 ATR
See previous idea and comment below.
Comment: Trade terminated. No need to wait o be stopped out when it is apparent the trade isn’t going your way. So feel free to terminate a trade early if it doesn’t feel right and wait for next entry signal.
Getting above February 2020's ATH's seemed very bullish indeed, the most aggressive V-Shaped Recovery in the history of the S&P500 . However with elections fast approaching, along with the expected volatility, we must be ready to change our bias in a moments notice. We have a few higher time frame gaps that have caught my eye, particularly two that did not...
MFI now overbought.
Doubt we get a selloff today since it's Ponzi Friday, and market alaways seems to go up on Friday afternoons, but Monday looks bearish. Risky to hold any long position over the weekend with Euro COVID numbers going up and shutdown talks.
Bought some VMW puts with the money I made off ISRG earnings (would have been awesome if I flipped my...