Market Scenarios short-term - all in one chart

    Posted by matt on 4th of Dec 2022 at 11:04 am

    Making it easy here in the short-term, or as easy or simple as I can make it. 

    First off last Thursday Steve and I both called the wave b bear flag bounce, which is why we went home short on Thursday despite the Jobs report coming out on Friday as we viewed Thursday's bounce as a bear flag wave b, which played out on Friday's open. 

    Now what??

    Here's a new 15 min chart, I show 3 scenarios: two short-term bullish ones and one bearish one in Red.

    1. Blue scenario shows a simple abc completed wave iv, and we should go up in wave v right away on Monday
    2. Green scenario shows an wave c completed on Friday morning but the pattern is going to form a more complex coil abcde pattern, wave d and e and then break out to a new high
    3. Red scenario shows the bearish option as a nested 1/2, i/ii, and prices would gap to the downside on Monday and begin wave iii down

    since the move has been up and the 'bulls' have the football, I lean to one of the bullish options.  Again by bullish I mean short-term, not long term

    Matt, I have heard you

    Posted by tradesavage on 4th of Dec 2022 at 03:01 pm

    Matt, I have heard you and steve mention the nested 1,2 a few times this year. I have had trouble finding a good technical definition. Wondering if you could provide a little more detail on the technical structure. 

    nested 1212, maybe this will

    Posted by matt on 4th of Dec 2022 at 05:24 pm

    Matt/Steve, your prognostication has been

    Posted by mirhamedali on 4th of Dec 2022 at 11:48 am

    Matt/Steve, your prognostication has been spectacular all year!  Really simple to understand parameters.  What do you think about this QQQ sceario where we initailly move up to close the gap (that would be a 68% retrace of the mid August move down).  I have that as a wave three of this A-B-C move up.

    Followed by a move even higher to the mid august highs (that would be a 50% retrace of the entire year's move down), to complete five waves up within the larger wave C.

    To me a move of this time and size looks appropriate before we have a larger move downwards.  On my weekly chart I have all of this drawn up as a wave B up of a larger A-B-C move still to complete.

    Nice Mirhamed!!

    Posted by arun on 4th of Dec 2022 at 11:54 am

    Nice Mirhamed!!

    Thanks Matt

    Posted by racerick on 4th of Dec 2022 at 11:38 am

    Thanks Matt


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