I really don't think any mean reversion systems triggered but of
course with that sell off my Tradestation is frozen - that program
can't handle these strong sell off days with all the volume tends
to overload it
Posted by DigiNomad on 24th of Aug 2023 at 04:03 pm
Matt, is it possible that was wave B and now we could get a
bounce which would also result in a probable MACD Kiss bearish
setup in wave C? Seems like that would allow the shoulder to
form a bit better...
You may very well be right. But H & S pattern on spy qqq and
many big stocks seems too easy of a pattern for amateurs. Maybe
this time it will be easy ?
as I said, there's still a chance at a higher low and price to
go up higher to one of those Fibs I mentioned last night in the
wave B (I still favor slightly despite today's drubbing), however I
would favor that C wave down move after that B completes.
Basically we either head down now, or recover here and go up
to those higher targets I had and then go down later before
bottoming sometime in October per seasonality to set up a good
trade low
SPY not pretty
Posted by matt on 24th of Aug 2023 at 04:01 pm
SPY - Chart Link not looking good
I really don't think any
Posted by matt on 24th of Aug 2023 at 04:03 pm
I really don't think any mean reversion systems triggered but of course with that sell off my Tradestation is frozen - that program can't handle these strong sell off days with all the volume tends to overload it
none of the mean reversion
Posted by matt on 24th of Aug 2023 at 04:21 pm
none of the mean reversion systems triggered again - they all went flat yesterday
Matt, is it possible that
Posted by DigiNomad on 24th of Aug 2023 at 04:03 pm
Matt, is it possible that was wave B and now we could get a bounce which would also result in a probable MACD Kiss bearish setup in wave C? Seems like that would allow the shoulder to form a bit better...
yes it's possible but onus
Posted by matt on 24th of Aug 2023 at 04:05 pm
yes it's possible but onus is strongly on the bulls - they would need to reverse price immediately here to form a higher low.
Powell speaks tomorrow so there's a chance he could provide catalyst but again it has to go soon, otherwise that H&S pattern will likely play out
You may very well be
Posted by arun on 24th of Aug 2023 at 07:53 pm
You may very well be right. But H & S pattern on spy qqq and many big stocks seems too easy of a pattern for amateurs. Maybe this time it will be easy ?
as I said, there's still
Posted by matt on 24th of Aug 2023 at 11:20 pm
as I said, there's still a chance at a higher low and price to go up higher to one of those Fibs I mentioned last night in the wave B (I still favor slightly despite today's drubbing), however I would favor that C wave down move after that B completes. Basically we either head down now, or recover here and go up to those higher targets I had and then go down later before bottoming sometime in October per seasonality to set up a good trade low
Yeah, today definitely got everyone’s
Posted by johnny2012 on 25th of Aug 2023 at 12:26 am
Yeah, today definitely got everyone’s attention. Especially after that massive report on nvda.