$ES Daily wave chart.  This

    Posted by ssaffer on 29th of Feb 2020 at 05:07 pm

    $ES Daily wave chart.  This is not trading advice but just my personal count.  The market is dynamic so I just use these types of rough guides if you will.  Have to use tight stops in this type of environment, I use a 5 day EMA for now).   I am looking for a ABC double bottom short term.  A test of Fridays low would be good and productive.  Now things do not always play out as thought so resistance lines will be critical to watch and see if rejected or break through or false break.  Now if we retest I will have more confidence in getting a good rally for March.  Then see where it stalls.  My bias for now is bearish until proven otherwise.  So I will look to be more aggressive on the downside.  Everyone is calling the top now and wave 5 is in but until price confirms a bear market (below the Dec 2018 lows-2317).  Then I will keep trading the swings and bias to the downside.  During this coronavirus there will be sectors hit harder than others.  So I will look to short stocks that are in Restaurant, Airlines, Retail chains, etc. on any bounce.  I think setting up a strategy today, for the next 3 months on how to best position yourself for successful wins.  Again this is just my own personal view.  My core position will always be with SPY system. 

    nice observations and game plan.

    Posted by matt on 29th of Feb 2020 at 07:24 pm

    nice observations and game plan.  

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