Holing all long positions, but IMHO we may see another test of 15,000 before this is through ... and then up from there. Very bullish market.
Market managers decided to move the market up but Its just hard to image 15,000 being dismissed so easily, and there are gaps down there to fill.
In a bullish market expect Tuesdays and Wednesday to be mixed with Thursdays...
If you're curious, as you can see on the chart above: A Fibonacci Retracement sequence starting from #4865 hits every single MAJOR arrival/resistance/turned to support LEVEL, down to the bottom of the Covid drop. Its kind of SPooKY, Fibonacci reappears over and over again, and you need to see it to believe it. So apparently in the future #4865 might be an...
Long-term support Trendline was breached & re-tested. We are currently managing several
Long-trades we bought at the first drop-leg down...always buy Wave-A down and manage it with stops.
A NEW lower low may / or may not happen, I would guess the probability of a NEW-LOW may be abut 60% to 40% it goes up from here.
Wave-4 corrections can be messy so we could...
Notice there is a RSI divergence across the board 3-4 hour time frames.
No recommendation just something educational which is note worthy.
Bullish markets WEEKLY trends:
Monday- Bullish if the previous Friday was bullish, lots of FOMO sentiment
Tuesday- Volatility usually starts lower in the morning / then up in the afternoon
Wednesday- Most volatile with an...
Technically the ATH on the Nasdaq did provide the structure for a complete wave-5 (in red) ...So please be careful lightly trading.
IMHO: I believe we have a little more gas in the tank, and the count above reflects that.
SPX: Bullish Count for comparison. We are totally neutral on the Spx500. Trading lightly holding a few long positions from Thursday.
Many DOW and RUT stocks look completely oversold. Dollar may have one more leg up then likely lower, good for commodities who have also been beaten up lately.
So I wanted to show you a reasonable BULLISH count as well. Trade...
SPX Bearish count close-up. After todays high, the SPX500 has completed all that it needs ,.... to start lower (IF IT WANTS TOO).
Bearish or bullish the SPX500 appears to be within a few weeks of a deeper correction.
We are trading lightly, holding a few long positions from last Thursday, with very tight stops and keeping correction cash available.
Worked out a slightly different approach starting with an expanded flat from 10/02/18 to 3/20/20.
At this time we are trading lightly both bearish and bullish (keeping a good amount of cash handy). Greenback looks correcting downward soon (all pairs oversold), we may see a bounce back in commodities in the medium short term.
Trade your plan.