yes on the market - the thing that makes me nervous is that SPX
stalled at that trendline and it could go to another low next week
for a deeper wave 4
So Matt, what makes you change your mind after you just posted
us the wave 3 and 4 diagrams. i get confused when you do
things like that as you seem to know your waves.
Please clarify over weekend newsletter what you expect to happen
now. Thanks
I commented above, we had 3 waves up, see 60 min SPX from one of
my lasts posts. Looks more like that was a simple abck to
resistance, probably the wave B with the sell off from Thrusday
being a wave A, and down in C next week, unless it can form a hgher
low here
as far as waves - you guys sometimes make it over complicated.
counttrend moves are aways 3 waves or more complext.
and nearly always you have a couple different wave
counts/scenarios - but too many folks look at that and just give
up.
What I like is when both the bearish and bullish counts both
align for the same move - you don't have to guess. For example
after the sell off on Thursday there were two options: 1. that
completed the 4th wave pullbacck, and 2, it was only wave A down.
Under both the bullish and bearish count - both called for a
nice rally off yesterday's account both the ABC wave B and the wave
4 complete. They both lined up for a big bounce - so you play that.
Then of course price ended up stalling at my trendline and the
0.786 Fib (which was logical place to exit longs or short. Once
price stalled there you didn't know if that completed the abc of B
or was wave 1 of 5, but it didn't matter as both called for a
pullback there - so going short there was easy as both counts
aligned.
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yes on the market -
These are mostly BPT trade ideas and my run through ...
Posted by imelhoe on 7th of Jul 2023 at 04:03 pm
yes on the market - the thing that makes me nervous is that SPX stalled at that trendline and it could go to another low next week for a deeper wave 4
So Matt, what makes you change your mind after you just posted us the wave 3 and 4 diagrams. i get confused when you do things like that as you seem to know your waves.
Please clarify over weekend newsletter what you expect to happen now. Thanks
I commented above, we had
Posted by matt on 7th of Jul 2023 at 04:37 pm
I commented above, we had 3 waves up, see 60 min SPX from one of my lasts posts. Looks more like that was a simple abck to resistance, probably the wave B with the sell off from Thrusday being a wave A, and down in C next week, unless it can form a hgher low here
as far as waves - you guys sometimes make it over complicated. counttrend moves are aways 3 waves or more complext.
and nearly always you have a couple different wave counts/scenarios - but too many folks look at that and just give up.
What I like is when both the bearish and bullish counts both align for the same move - you don't have to guess. For example after the sell off on Thursday there were two options: 1. that completed the 4th wave pullbacck, and 2, it was only wave A down. Under both the bullish and bearish count - both called for a nice rally off yesterday's account both the ABC wave B and the wave 4 complete. They both lined up for a big bounce - so you play that. Then of course price ended up stalling at my trendline and the 0.786 Fib (which was logical place to exit longs or short. Once price stalled there you didn't know if that completed the abc of B or was wave 1 of 5, but it didn't matter as both called for a pullback there - so going short there was easy as both counts aligned.