Working primary count has impulse wave from ATH at 5333.50 to 4963.50. Area in orange ellipse is suspect, so if this count doesn't play out, will likely need to go back and tease out this price action. Corrective bounce off low of 4963.50 appears to be an ABC zigzag. Looking for another impulse wave to complete a C wave or a 3 wave.
going over price action for the day Wednesday April 24th looking for clues to what the market is telling us. trying to put together the entire big picture to form our plan and take the right trades being on the right side of the market.
It sure seems that way. 5126 was the level where buyers would become sellers. It took sellers to become buyers in the first half of the week. Now, I think the market is weakened. Pre-market analysis will be key for trading in the next couple of days. Not a ton of setups today but, just enough to keep the degens going :D
I said yesterday that it would get overbought today and go down. Well, here we are. Made a little money with puts like I said I would.
Indicators now neutral, META earnings probably dictates gap direction tomorrow. Just gonna stay cash and take potshots at the market with options. I'm guessing MFI will cycle fast like it did a a couple of weeks ago, just...
HOW MANY TIMES DO I NEED TO SCREAM 6 1 8??
Short off the PRE MARKET HIGH it's all in PLAIN sight!
Never chasing always LOOKING FOR PREMIUM entries OVER 1k in profits
SHORT when others BUY and hunt deals! I will PAY IT FORWARD
Trading Plan for Wednesday, April 24th, 2024
Market Sentiment: Uncertain, with bulls maintaining control after yesterday's rally but price action becoming more complex after a trend day.
Key Supports
Immediate Supports: 5095-5100 (major), 5082, 5076 (major), 5067
Major Supports: 5056 (major), 5047-45 (major), 5027 (major), 4996-5000, 4966 (major), 4945-49...
Buyside at 5095 has been taken. If we do not drop hard from here and the candles body on the 1h closes above 5102, we think that the next upside target will be 5021 in ESM2024.
The **S&P 500** index has recently confirmed a **head and shoulders** topping pattern, which suggests an **exhaustion of buyers**. Let's break down this pattern:
1. **Head and Shoulders Pattern**:
- The head and shoulders pattern is a classic price pattern that indicates a potential reversal.
- It typically consists of three phases: **setup**, **trigger**,...
While I left some on the table, I am happy with my wins. In the last week my win percentage is sitting around 90%. I have avoided over-trading and focused on doing things the right way. today, we saw a bunch of setups. Most worked but, some did not. The market has been very technical lately with very little tricks.
The " Volatility Valuation Index " proved to be quite reliable ... again....
Mind you this is a SETUP tool, to locate EXTREMES in Volatility.
It is NOT a SIGNAL tool, to be used for entries / timing.
That said, its accuracy sometime can be impressive.
But even under these circumstances, I do not use it as a timing tool
(Works across all markets & timeframes)
