Also showing a hammer, impulse based off several weeks of cup/handle confirmation, 3-wave still in tact, higher lows, RSI space, top resistance meeting trendline in a fib manner, my favorite fact is that CITI group downgraded it to 320 exactly when it was .618 to the top of the trendline on its opening announcement. Time to go long.
Looks like we transitioned to a slightly longer 5-count triangle in the four wave, potential impulse started, high probability of gap up meltdown after which entering long positions seem rewarding for the remaining part of the month.
Perhaps my initial idea was right and I was early on my flat-top count. I opened my position too early off the indication of a VIX triple top but should have been paying more attention to how it would behave around the daily 50ema. So far it's getting smashed at 20 every time and that indicates to me that my idea is still in effect. Not bullish after next week though.
I think a minor correction is starting, generally considered three waves. You can count five in here but I don't have enough time for that right now. Risk management is essential in this choppy defensive market condition. The five wave obviously finished at 4220 last week. The buying strength just isn't present at these levels. A wise man once told me the...
Just an observation pointed out on RSI . Patterns in threes. Vix needed a breakout after bouncing off its significant trendline and produced a triple top with a lower momentum, meaning same price with less strength. It's losing steam and that indicates a rally next week to me.
Close enough! We just landed the triple top I was looking for. I'm now fully bull on this market up to our last resistances. Next week is a face ripper. Opening a long position in SPY calls, swinging 05/07 418c's, expecting immediate resistance at 422 and 425. Selling at 425.
Be careful out there, play defensive and smart. Minor bull trend is playing out. Lots of FUD in the market, big money likes to hedge. We also have record levels of margin out there which explains some of the volatility we've been seeing. Goblins running amok.
We need one last breath on the RSI to get buying momentum for this last wave up to resistance, in the process of building a 30min triple bottom for a 5-wave start. Especially after earnings, next week should be bullish. Double rejection of the primary trendline, hard resistance at 418. Short down to lower .618 range, completing ABC correction. Lots of...