I was out last week, but noticed that the moves over the last 3 days last week seem to trace out an impulsive wave. Similar to my post back in June, this setup is looking comparable. I see a five wave move down off of a new high price of $1080. Initial five wave moves always have another five wave move to follow after a correction. So far it looks like today is that correction and thus I expect another five wave move south in the days to come. Pretty crazy to call a big down move after a hefty move up like today, but we are still in retrace territory and the waves say it so. A safe short would be right now with a stop very close above.
Posts
Abandoning trade as market has only moved down three (instead of 5) before the hard reversal. Trade may still be valid and market may make the five move I was wanting after this move higher today/tomorrow, but odds aren't as high. Good Luck.
ReplyDelete