Hard to tell exactly what is going on this morning. I'm glad I hedged with appl overnight but if we keep rallying the rest of today to 3760 I'll dump that hedge. If we come up to 3700 area and reject again, we're probably going down and it could be part of a triangle (sideways) pattern for a few days. We could also just collapse or rally hard at open, I'm not sure.
If this is a wave 4 then it could just be choppy for a few days into next week before a final move down. 4th waves are typically choppy triangles which whipsaw one way and then the other, chopping trading accounts to bits. I'm always wary of them, so that possibility is on this map. We also could have finished 4 yesterday. I don't have a good feel for what's going to happen intermediate term and so I'll be in "day trading mode" taking profits when I get them and cutting losses quickly until I see a definitive break one way or another. Good luck!
If this is a wave 4 then it could just be choppy for a few days into next week before a final move down. 4th waves are typically choppy triangles which whipsaw one way and then the other, chopping trading accounts to bits. I'm always wary of them, so that possibility is on this map. We also could have finished 4 yesterday. I don't have a good feel for what's going to happen intermediate term and so I'll be in "day trading mode" taking profits when I get them and cutting losses quickly until I see a definitive break one way or another. Good luck!
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watch for pump and dump at open
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spy support level. A break below yesterday's lows invalidates it.
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SPY slightly broke the low, but if today's low can hold you may have an ABC up to fill the gap and more into next week.
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at the moment, BTC is showing relative strength, may mean nothing
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If the line is correct, we should see more upside for today. I don't know if it's correct and yes it only means it's a possibility which could be wrong. Just watching for now. Above today's highs and bulls will likely step in
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Could end up being a creep up day and then fail tomorrow again, I don't know, but right now this looks more bullish than bearish (at the moment)
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trade isn't working, so I got out at a small loss. If yesterday's structure is in play, 3590 area will be tagged before any possibility of upside. Staying out till tomorrow.
