If
$SPX is doing a wave 4 pullack, it should take a day to
complete it into tomorrow.
I am waiting for $SPX to show its hand: either 5 waves up and
then a pullback, or a pullback from here being part of A-B-C.
Completing wave B will give a tradable pullback.
My cycle-based indicator was close to a buy on 4-hour charts
yesterday. With a strong move after hours and into the opening
today, obvious was that a wave 2 or 4 bottom was put in place. Wave
2 & 4 bottoms reverse abruptly and produce a gap. They are easy
to spot to a trained eye.
Several counts were pointing lower, and with a jobs report ahead
I did not want to be long with a tight stop. I tried to fade a move
into 4110, but was proven wrong, so I stepped aside.
Shorting at resistance is always objective. That is Trading
101. If multiples factors converge towards a reversal, some
may call it logical. To me, logical also implies a confirmation of
some sort that an expected action has taken place, indeed.
Yeah, you are very good at developing systems, Matt! We should
crowdfund your services for those subscribing to this site. Are
there any takers for this service :-) ?
And yes, a definition of wave 3 is breaking out above resistance
or below support. This fact is known or understood by few.
Once 4110 on /ES was taken out this am, there was not short case
left from yesterday. I was trying to buy a dip after the jobs
report, but my order at 4080 was not hit. They did not close the
gap, which is a sign of a reversal!
DigiNomad, A chart pattern will not work if a higher time frame
is positioned against it. That might have been the case with
bitcoin. On /ES prices are at support, so a bull flag could and
should work as expected.
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$SPX is down an A-B-C
SPX 10 min follow up
Posted by junkie on 8th of May 2023 at 11:10 am
$SPX is down an A-B-C down as part of its wave 4, IMO.
I see grains at resistance
possible double top on cane
Posted by junkie on 8th of May 2023 at 10:57 am
I see grains at resistance too. KC wheat (hard red wheat) is the strongest.
If $SPX is doing a wave
Posted by junkie on 8th of May 2023 at 09:35 am
If $SPX is doing a wave 4 pullack, it should take a day to complete it into tomorrow.
I am waiting for $SPX to show its hand: either 5 waves up and then a pullback, or a pullback from here being part of A-B-C. Completing wave B will give a tradable pullback.
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Yields must fall for stock
$TNX not letting the moving averages give it pause today
Posted by junkie on 8th of May 2023 at 09:31 am
Yields must fall for stock to rally.
Matt, I can see it
KISS indexes
Posted by junkie on 5th of May 2023 at 04:25 pm
Matt, I can see it now with your charts and your explanations. I did not realize how to use that feature for swing trading. Thanks a lot!
My cycle-based indicator was close
Logical Short?After the fact, some will point to a chart ...
Posted by junkie on 5th of May 2023 at 04:13 pm
My cycle-based indicator was close to a buy on 4-hour charts yesterday. With a strong move after hours and into the opening today, obvious was that a wave 2 or 4 bottom was put in place. Wave 2 & 4 bottoms reverse abruptly and produce a gap. They are easy to spot to a trained eye.
Several counts were pointing lower, and with a jobs report ahead I did not want to be long with a tight stop. I tried to fade a move into 4110, but was proven wrong, so I stepped aside.
Anytime :-) We all have
Logical Short?After the fact, some will point to a chart ...
Posted by junkie on 5th of May 2023 at 03:59 pm
Anytime :-) We all have learned somewhere sometime from somebody.
I do my supply zone analysis on the fly. Steve probably does it ahead of time, so his numbers are more systematic. I am only an intern here :-)
I am not playing indexes
Came in to see what is happening i see the ...
Posted by junkie on 5th of May 2023 at 03:57 pm
I am not playing indexes myself. Easier money is made elsewhere. Wheat, lean hogs, gold are easier to trade and are cash cows like COIN.
At a supply zone now
Posted by junkie on 5th of May 2023 at 03:52 pm
At a supply zone now on its first test (fresh supply zone) and pinching MA's at the ribbon are at play now: https://stockcharts.com/h-sc/ui?s=$SPX&p=60&yr=0&mn=2&dy=0&id=p63073818255&a=505896589&listNum=61&cmd=print
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Shorting at resistance is always
Logical Short?After the fact, some will point to a chart ...
Posted by junkie on 5th of May 2023 at 03:48 pm
Shorting at resistance is always objective. That is Trading 101. If multiples factors converge towards a reversal, some may call it logical. To me, logical also implies a confirmation of some sort that an expected action has taken place, indeed.
It looks real to me.
Is this a real evening star patter? What could the ...
Posted by junkie on 5th of May 2023 at 03:46 pm
It looks real to me. Length of prior drops (a high to low without any retracement waves) would be a good target to the downside.
Yeah, you are very good
Cycle indicator - resistance breakout focus
Posted by junkie on 5th of May 2023 at 03:34 pm
Yeah, you are very good at developing systems, Matt! We should crowdfund your services for those subscribing to this site. Are there any takers for this service :-) ?
And yes, a definition of wave 3 is breaking out above resistance or below support. This fact is known or understood by few.
4132 to 4148 based on
Are there some supply zones coming up ?
Posted by junkie on 5th of May 2023 at 02:52 pm
4132 to 4148 based on a 30-min chartof spx
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Once 4110 on /ES was
Personally looking for more selling into late May early June ...
Posted by junkie on 5th of May 2023 at 02:31 pm
Once 4110 on /ES was taken out this am, there was not short case left from yesterday. I was trying to buy a dip after the jobs report, but my order at 4080 was not hit. They did not close the gap, which is a sign of a reversal!
GDX wants to close the
Posted by junkie on 5th of May 2023 at 11:32 am
GDX wants to close the gap from today's open. I bought a pullback this morning on GLD.
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A rally into resistance to
Gold Update
Posted by junkie on 5th of May 2023 at 10:52 am
A rally into resistance to be sold, is my take on it. The MA ribbon is bearish.
Edit: Gold is still a buy on pullbacks. A monthly squeeze will move it higher this year.
A good call on the
Posted by junkie on 5th of May 2023 at 10:23 am
A good call on the W pattern on $SPX yesterday near the EOD, Matt!
Also, a pattern near the EOD was a bullish falling wedge or a bull flag which played out to the upside, a reversal pattern.
EW update: https://www.youtube.com/watch?v=HHxm1tWjpws. I side
Posted by junkie on 5th of May 2023 at 06:47 am
EW update: https://www.youtube.com/watch?v=HHxm1tWjpws. I side with a view of one more move down, breaking the support or retesting a support, and then an a-b-c bounce higher.
DigiNomad, A chart pattern will
SPX 10 min diamond?
Posted by junkie on 4th of May 2023 at 04:37 pm
DigiNomad, A chart pattern will not work if a higher time frame is positioned against it. That might have been the case with bitcoin. On /ES prices are at support, so a bull flag could and should work as expected.
This is the first real
The FED is bulldogging asset prices down as much as ...
Posted by junkie on 4th of May 2023 at 03:57 pm
This is the first real argument I have heard of, for wave C down into 3000 on $SPX or thereabout.