I'm interpreting T on the 15 min chart to be a Leading Diag with a Contracting Triangle in the Wave B position.
So looking for a gap up tomorrow morning and to get long on any clear 3 wave correction, perhaps into 39.43 area at that purple dash channel 50% line, also near the Triangle descending upper trendline.
Trading for a move up into the Red upper channel line near the Fib arithmetic expansion up to 40.64.
I am not long yet because I saw this trade too late in the day and I only had 2 minutes to enter in the order.
I was looking to go 39.36 entry with a stop at 39.02 outside the lows of the preceding triangle for a shot at 2.7R reward ratio.
So because of that triangle in the Wave b position, and it cannot be in wave 2 position, I interpret the overall hourly structure as still corrective and anticipate that if T turns around at 30.64, it will see lower lows below 38 shortly. Possibly into 36 on the 4 hour chart.
So looking for a gap up tomorrow morning and to get long on any clear 3 wave correction, perhaps into 39.43 area at that purple dash channel 50% line, also near the Triangle descending upper trendline.
Trading for a move up into the Red upper channel line near the Fib arithmetic expansion up to 40.64.
I am not long yet because I saw this trade too late in the day and I only had 2 minutes to enter in the order.
I was looking to go 39.36 entry with a stop at 39.02 outside the lows of the preceding triangle for a shot at 2.7R reward ratio.
So because of that triangle in the Wave b position, and it cannot be in wave 2 position, I interpret the overall hourly structure as still corrective and anticipate that if T turns around at 30.64, it will see lower lows below 38 shortly. Possibly into 36 on the 4 hour chart.
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Wow, that certainly didn't work.
The market sure had a different idea than I did.
Stopped out and I don't know what's going on so I'll hunt elsewhere.
Probably some earnings announcement - as if those are predictable.
The market sure had a different idea than I did.
Stopped out and I don't know what's going on so I'll hunt elsewhere.
Probably some earnings announcement - as if those are predictable.
But it's drifted sideways ever since outside the upper trendline of the B wave triangle.
Seems like the big institutions aren't interested yet.
Unfortunately T doesn't owe me anything and I'm dependent on bigger fish to show up and click the Buy button.
I anticipate that we get some strong symmetrical Bull movement into the end of the week that will balance out the strong Leading diag rally from earlier this month.
I'm not looking for more than that with the triangle forming so low in count position.