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
Matt, is it possible that
SPY not pretty
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.