I reviewed and simplified the count. The oil might not have peaked yet. If it makes another push it is likely to post so long expected divergence on RSI + makes the count much more simple which is always good. The winter is coming but not yet here.
Ya, it is supposed to be messy. I think Covid-19 marked the end of ABCDE correction and the post-COVID bounce that has just finished was wave X. Now we are into new uncertain wxy or other corrective formation which promises to be frustrating as hell.
Good luck to you guys. Let us survive this era of turmoil safely. The world is changing, and the stock market is...
Wow..that was brilliant. I do not even mind burning a lot of cash jumping in and out of shorts. The picture is beautifully complete. I revised the count to make it comprise of simple prominent elements. See ya at the ground?
As with SP500 Nasdaq seems to be in the final stages of a sideways movement. That can be a valid short resulting in another bear trap when the market rallies relentlessly after that to ATH. I am now waiting for wave C to confirm so I can unload my shorts at a profit, close put options and watch out for indicators of yet another non-sensical rally.
Since SP500 continued to violate my counts I had to zoom out and reframe the bigger picture. Near term, the market remains overextended. RSI and price action are such that we can get a sharp sell-off any moment. However, it is likely that the uptrend will continue after that into late Aug. My shorts are scorched. I need to wait for the exit opportunity