QQQ 5 (corrective decline
but this included pre-market ) - UPDATE - looking at the
QQQ cash could be a nested 1-2 down in simplistic form. The
bounce from 1-4 pm (backtest) may have formed a bear flag and could
setup a GAP DOWN after retest of wedge.
The last couple days have been like a rollercoaster (swings up
and down) with big moves in the Globex Session
(overnight)
That included pre-market on the QQQ - last night I
mentioned an expanded flat and here is such a depiction. A
3-3-5 move with wave A completed at 3762 and Wave B currently
unfolding (if correct this would be an a-b-c down to retest 3500).
One thing to note - corrective moves can take many forms and
are much more difficult to forecast so make sure you keep and open
mind and adjust to the market. Level to level for me with
stops always in place. AVOID unless you have set
discipline
The corrective decline is not over, based on your wave count, is
it? There were 5 waves down into today's low on 15-minute charts.
However, the PPO on 1-hour charts wants to make another push lower,
and a PPO on 4-hour charts has just made a negative cross. I read
this to mean that a move higher tonight should be sold into
tomorrow morning. There is a squeeze firing on 15-minute charts to
the upside, hence I expect a move higher tonight.
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UPDATED
Posted by steve on 19th of Oct 2022 at 04:32 pm
QQQ 5 (corrective decline but this included pre-market ) - UPDATE - looking at the QQQ cash could be a nested 1-2 down in simplistic form. The bounce from 1-4 pm (backtest) may have formed a bear flag and could setup a GAP DOWN after retest of wedge.
The last couple days have been like a rollercoaster (swings up and down) with big moves in the Globex Session (overnight)
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That included pre-market on the
Posted by steve on 19th of Oct 2022 at 07:30 pm
That included pre-market on the QQQ - last night I mentioned an expanded flat and here is such a depiction. A 3-3-5 move with wave A completed at 3762 and Wave B currently unfolding (if correct this would be an a-b-c down to retest 3500). One thing to note - corrective moves can take many forms and are much more difficult to forecast so make sure you keep and open mind and adjust to the market. Level to level for me with stops always in place. AVOID unless you have set discipline
Expanded flat....Is this scenario still
Posted by childs_ac on 24th of Oct 2022 at 09:17 am
Expanded flat....Is this scenario still valid? Thanks Steve.
Thanks Steve. Your EW counts
Posted by limitless on 20th of Oct 2022 at 03:06 am
Thanks Steve. Your EW counts are VERY useful. Apreciated.
it could also be an
Posted by matt on 19th of Oct 2022 at 06:59 pm
it could also be an expanded flat where price goes all the way back to test the lows in wave b, then we get our c wave rally
realize guys, that corrective patterns can take many forums, unlike impulse moves
The corrective decline is not
Posted by private on 19th of Oct 2022 at 05:41 pm
The corrective decline is not over, based on your wave count, is it? There were 5 waves down into today's low on 15-minute charts. However, the PPO on 1-hour charts wants to make another push lower, and a PPO on 4-hour charts has just made a negative cross. I read this to mean that a move higher tonight should be sold into tomorrow morning. There is a squeeze firing on 15-minute charts to the upside, hence I expect a move higher tonight.