Amcap, your charts are insightful. The analysis I trust has wave
(A) up completed at 4100 on /ESZ22. We are now in wave (B) down,
and wave A down is in progress. Wave 4 of A has probably completed
today, and wave 5 is in progress. Your target with triangle C is my
target for wave 5 of A. I expect a push lower after the FOMC
meeting next week to reach that target during the week of the
Christmas day.
My trading plan is to close a SPY put I opened today on Monday
or Tuesday when the squeeze on /ES is exhausted, and let the market
bounce into Wednesday, and to rebuy that SPY put into your target
for wave 5.
On a second thought, wave 4 may still be in progress and
today's drop is a minor b down to be followed by c up into FOMC. I
see a low-compression squeeze firing on 2-hour charts, and we lost
EMA(21) on the daily /ES March23. 3888 (1 ATR) is the next target
for me. Your target is near 2 ATR. Once the squeeze is completed,
it will be obvious whether wave 4 completed or not.
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Amcap, your charts are insightful.
My updated trade plan for SPX https://schrts.co/IWVxJQVt
Posted by junkie on 9th of Dec 2022 at 06:02 pm
Amcap, your charts are insightful. The analysis I trust has wave (A) up completed at 4100 on /ESZ22. We are now in wave (B) down, and wave A down is in progress. Wave 4 of A has probably completed today, and wave 5 is in progress. Your target with triangle C is my target for wave 5 of A. I expect a push lower after the FOMC meeting next week to reach that target during the week of the Christmas day.
My trading plan is to
Posted by junkie on 9th of Dec 2022 at 06:37 pm
My trading plan is to close a SPY put I opened today on Monday or Tuesday when the squeeze on /ES is exhausted, and let the market bounce into Wednesday, and to rebuy that SPY put into your target for wave 5.
On a second thought, wave 4 may still be in progress and today's drop is a minor b down to be followed by c up into FOMC. I see a low-compression squeeze firing on 2-hour charts, and we lost EMA(21) on the daily /ES March23. 3888 (1 ATR) is the next target for me. Your target is near 2 ATR. Once the squeeze is completed, it will be obvious whether wave 4 completed or not.