case in point - and I have to remind myself this as well. in
bear markets always just assume that any move is an abc 3 wave
UNTIL you get a clear 5 wave move confirmation. Yesterday I labeled
a possible 5 wave - which in hindsight I should have not done
because it never confirmed, only had 3 waves
now...the only way this can form a higher low is some sort of
more complex abc structure or a nested 1,2, 1,2. The nested 1,2,
1,2 almost never occurs so it would have to be the more complex
one.
ONE POSITIVE is that yesterday's move off of Friday's lows to
yesterday's highs was a slight symmetry break - was 143 points.
However it wasn't much of one as last week's rally was 132. So 143
vs 132 not much of a break there
Watch that symmetry break get further validated today...maybe
the market finally got bearish enough. Still really don't like that
3,674 gap lingering out there longer term. Would be great to get
some higher prices to be able to trim trades and possibly short. I
want a few upside gaps to get filled, maybe even 3 before
considering it. Lot of room for a rally when they finally let it
go. That liquidity issue works in both directions. I see we just
took out the 3,780 pivot Steve mentioned and made a hod, maybe
there is hope after all.
Totally agree and well said
Market comments
Posted by rfa300 on 22nd of Jun 2022 at 09:11 am
Totally agree and well said FV.
case in point - and
Posted by matt on 22nd of Jun 2022 at 09:27 am
case in point - and I have to remind myself this as well. in bear markets always just assume that any move is an abc 3 wave UNTIL you get a clear 5 wave move confirmation. Yesterday I labeled a possible 5 wave - which in hindsight I should have not done because it never confirmed, only had 3 waves
now...the only way this can form a higher low is some sort of more complex abc structure or a nested 1,2, 1,2. The nested 1,2, 1,2 almost never occurs so it would have to be the more complex one.
ONE POSITIVE is that yesterday's move off of Friday's lows to yesterday's highs was a slight symmetry break - was 143 points. However it wasn't much of one as last week's rally was 132. So 143 vs 132 not much of a break there
Watch that symmetry break get
Posted by fundamentalvalues on 22nd of Jun 2022 at 10:26 am
Watch that symmetry break get further validated today...maybe the market finally got bearish enough. Still really don't like that 3,674 gap lingering out there longer term. Would be great to get some higher prices to be able to trim trades and possibly short. I want a few upside gaps to get filled, maybe even 3 before considering it. Lot of room for a rally when they finally let it go. That liquidity issue works in both directions. I see we just took out the 3,780 pivot Steve mentioned and made a hod, maybe there is hope after all.
this is what I meant
Posted by matt on 22nd of Jun 2022 at 09:28 am
this is what I meant by that symmetry comment below - eh not much of a break