I think there's a reasonable chance what we've seen here can later develop into a larger bear move but if we're starting a bear trend we need to be careful for a false breakout and big correction.
We might be currently in wave 4 heading into wave 5.
This would mean we can see another nominal spike lower (And a fast one) but we'd be close to a bull trap.
Ideally looking to go into a breakout. Move stops to even ASAP and then have these longs on to cover me shorting all the possible bear levels on the way up.
In an ideal world, we get a double top like setup and this is where I am interested in trying another big short.
Focus is very much on protecting short profits for now. Unless that wave 5 setup fails the low hanging fruit of this is over.
If the wave 5 setup fails ... eeek. Could be ugly. Will update if it happens.
We might be currently in wave 4 heading into wave 5.
This would mean we can see another nominal spike lower (And a fast one) but we'd be close to a bull trap.
Ideally looking to go into a breakout. Move stops to even ASAP and then have these longs on to cover me shorting all the possible bear levels on the way up.
In an ideal world, we get a double top like setup and this is where I am interested in trying another big short.
Focus is very much on protecting short profits for now. Unless that wave 5 setup fails the low hanging fruit of this is over.
If the wave 5 setup fails ... eeek. Could be ugly. Will update if it happens.
Comment:
Isn't currently going as I'd expect. Maybe the bounce setup will fail and we just sell through.
Would be strongly bearish if that happened. We'll see. It really come down to if the low is already in / made in the next false breakout.
If we break next level of supports this might be something happening on a bigger timeframe and trying to be cute with small chart patterns won't work.
Since the uptrends have been so aggressive, it really makes sense to think about bull setups into drops but it's best to do this in narrow zones of support.
Everyone is conditioned to expect bull things (Me too) but if a legit reversal is made it can just slam day after day.
Would be strongly bearish if that happened. We'll see. It really come down to if the low is already in / made in the next false breakout.
If we break next level of supports this might be something happening on a bigger timeframe and trying to be cute with small chart patterns won't work.
Since the uptrends have been so aggressive, it really makes sense to think about bull setups into drops but it's best to do this in narrow zones of support.
Everyone is conditioned to expect bull things (Me too) but if a legit reversal is made it can just slam day after day.
Comment:
Period of consolidation makes the rip pattern a bit less likely. The longer we range the more likely a break down is (Usually - there are exceptions).
Bias is more towards a bear break now, although I'm super cautious of the spike.
Last thing I want is to be caught in a spike and not able to short obvious spike out patterns.
Bias is more towards a bear break now, although I'm super cautious of the spike.
Last thing I want is to be caught in a spike and not able to short obvious spike out patterns.
Comment:
Feel like this is failing and the correction might be in.
Comment:
Bleh. Exited my calls 5225 or so and would have gotten my strike price of 5250.
Anyway, that might have been the trouble move for bears.
Interesting to see what comes now.
Anyway, that might have been the trouble move for bears.
Interesting to see what comes now.
Comment:
They were not playing.
Look at how consistent that drop was.
Look at how consistent that drop was.
My preference is strongly towards a face ripper. Would be the optimal setup to make money.
If it happens, estimate would be the short comes late in the week. Thu/Fri.
Bullish mid week.