Wave 3 extended a near perfect 161.8% of Wave 1, we're now in Wave 4, which is typically a complex correction. After an initial ABC down, we're now in a wedge pattern, which can either be an ABCDE corrective triangle or a leading diagonal impulse.
There are two scenarios:
1. ABCDE corrective triangle is near completion and should see a rejection around 3590, this should take us down to the 3495-3500 area, completing the correction. This is a 50% retracement of Wave 3 and at the trendline from previous high's. We should see a bounce here that will begin Wave 5, which should take us to 3700+.
2. Leading Diagonal impulse is less likely but possible, should also see a rejection around 3590, but bounce at 3535 and continue up to complete Wave 5.
Leaning towards scenario 1 right now, I want to add to shorts once we see a rejection in this wedge pattern. Overall sentiment is still bullish and on a macro level I'm positioned long for new all-time-highs.
There are two scenarios:
1. ABCDE corrective triangle is near completion and should see a rejection around 3590, this should take us down to the 3495-3500 area, completing the correction. This is a 50% retracement of Wave 3 and at the trendline from previous high's. We should see a bounce here that will begin Wave 5, which should take us to 3700+.
2. Leading Diagonal impulse is less likely but possible, should also see a rejection around 3590, but bounce at 3535 and continue up to complete Wave 5.
Leaning towards scenario 1 right now, I want to add to shorts once we see a rejection in this wedge pattern. Overall sentiment is still bullish and on a macro level I'm positioned long for new all-time-highs.
עסקה פעילה
The E leg was truncated shy of the target but the plan played out well. Stayed short on the way down until the strong bounce at the 3510-3515 structure. I'm still looking for a 3495-3500 test but staying cautiously bullish now.הערה
הערה
Broke a rule and wanted a leg down to my 3495 target but diagonals only happen at the beginning or the end of a Wave (whether ABC or impulse). In this case, the impulse down after completion of the B wave was the end of the ABC corrective wave.עסקה פעילה
Stayed long for entirety of today (11/13) and positioned mostly long for next week. We completed a fantastic textbook impulse wave today with Wave 5 being 78.6% of Wave 1+3, given that, I took some SPY hedges as well. Updated chart:
עסקה סגורה: היעד הושג
initial targets were reached, updated idea has been published.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.