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I am log FTSE 5983 small stake target 50 points , 50 point stop
FTSE Long hit target.
Spx also up 50 as I speak
Sorry Sir David 😔 Looking forward to the revised charts 👍
I’m afraid I don’t have any chart solutions for the current action. The upwards move didn’t complete as expected and the shape of that upwards move eludes me.
The big drop yesterday looks like a very sharp ‘3’ to my eye which completed at the low.
Looking at SPX, DOW, NYA it’s possible that the move upwards from ‘B’ was some sort of ‘3’ in which case it might be the first part of a rising wedge thing, now forming wave ‘b’ of that wedge.
Alternatively we completed an abc up (for big wave A) and are now looking to drop to overlap SPX 2950.
Cannot say for sure. I’m not in the market and will wait until I see a pattern that has a high possibility of success.
Well done everyone on your overnighters.
Not sure I have much more to add.
In honesty I expect lower, I expect a slice through 3000.
I would be more comfortable shorting rallies, but am very wary of Expiry next week.
So it will be very tricky to trade.
Plan your trade, trade your plan!
SPX: best guess at chart options. Clearly the deep correction is the ‘end of something’ but quite what is debatable.
A problem is that the strong rise (that I called wave iii) doesn’t look like a completed C wave five. It’s possible it was a strong three. The drop also looks like a three. In which case we might still be in an uptrend as a rising wedge thing.
The alternative (amongst others) is that we’ve completed a first big ABC and SPX will confirm that by falling to overlap 2950.
As per the above, we will now be left thinking …
Is this shortable
Is this the start of the quad oe rally?
Plan your trade, trade your plan!
Oh I should have mentioned – notice how the sharp drop came down to the 21 and 200 day averages. They might be strong support. The overlap can be completed by making an attempt at the 50 day (if it wants to).
Morning all.couldnt resist shorting at 3068 spx..thinking we might see 3080 again but i want to be in
Oh I should have mentioned – notice how the sharp drop came down to the 21 and 200 day averages. They might be strong support. The overlap can be completed by making an attempt at the 50 day (if it wants to).
I was thinking you would rightly point thi out.
Its yet another confusion factor at this inflexion point.
Plan your trade, trade your plan!
Warning ….. Shorting this and getting it wrong if it wants to really into Quad OE may be very costly.
However I do feel it should spike <2980 and do think it should be before oe.
Plan your trade, trade your plan!
Put yourself into the newbie shoes.
They minted money out of junk.
Yesterday they got killed.
Today they will be buying especially as the market has opened up and appears to be bouncing?
I think yes.
That tells me they will get burnt and it will go down.
Plan your trade, trade your plan!
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