yeah I mean I would have preferred a red to green move for a
better bottom, this just feels like a bounce attempt that will
eventually fail. Yes could be A down B up C down, but honestly the
problem with corrective patterns they can take many many forms, can
be much more complex etc, I think 11 of them, and that's assuming
it's not something more ominous
very short term the market was so stretched oversold yesterday
with the 14 CCI on the indexes well below -300, that didn't even
happen last fall. NYMO and NAMO 3 consecutive days below the
bollinger bands and price so far below the 9 EMA, so some reversion
to mean action likely.
again it's still a potential new time bomb with news from China
or Tweet from Trump can move the market 30 - 50 points on a
dime
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cautiously put stops on my
Posted by retirefire on 6th of Aug 2019 at 09:46 am
cautiously put stops on my longs, in case of a-b-c before BIG bounce. I'm far from great at E.W. but are we 23pct off the low of yesterday? (2822)
yeah I mean I would
Posted by matt on 6th of Aug 2019 at 10:34 am
yeah I mean I would have preferred a red to green move for a better bottom, this just feels like a bounce attempt that will eventually fail. Yes could be A down B up C down, but honestly the problem with corrective patterns they can take many many forms, can be much more complex etc, I think 11 of them, and that's assuming it's not something more ominous
very short term the market was so stretched oversold yesterday with the 14 CCI on the indexes well below -300, that didn't even happen last fall. NYMO and NAMO 3 consecutive days below the bollinger bands and price so far below the 9 EMA, so some reversion to mean action likely.
again it's still a potential new time bomb with news from China or Tweet from Trump can move the market 30 - 50 points on a dime