Night before last we tagged the 1.0 in the overnights. This is a very normal end point for C waves. After we hit the 1.0, we began to retrace higher. So far that pattern appears to be corrective, however I've been fooled before. Today/Monday will be very important in determining if we move up for a last wave 5 or we tank due to being in a C wave.
As you can see from my colors if you are a longer-term follower, I believe we are in a new corrective structure and we are carving out the 1-2's at this time. For those who are new, my black labels are always primary, and turquoise are always ALT counts. In the 4HR chart above, it shows we are needing to finish wave 2 next. Once that is done this thing will be ready to rock to the downside IMO. Trader sentiment is also peaking suggesting we will have a major correction soon if not already started. These things combined help give me confidence this is the correct count.
If the bear structure plays out, I would expect price to turn around in the area of the blue 0.5-0.618 fib lines and head lower. Technically it could go all the way to $15840 and still be valid but that wouldn't be "normal" and would be unexpected. If price moves higher breaching that price point in an impulsive manner, then you know we are headed higher for the last wave 5. Another characteristic to be watching for, if price begins to chop around/overlap, it is most likely in a corrective structure (hence the wave 2).
As I said, I think we get many clues today if not Monday, that will decide the index's fate. 😬
When/if we top today in a wave 2 then I will short the NASDAQ at that time. If I do that, it will be by buying SQQQ shares. When/if I buy SQQQ, I will notify y'all on here.
Bonam Fortunam,
--Tyler
As you can see from my colors if you are a longer-term follower, I believe we are in a new corrective structure and we are carving out the 1-2's at this time. For those who are new, my black labels are always primary, and turquoise are always ALT counts. In the 4HR chart above, it shows we are needing to finish wave 2 next. Once that is done this thing will be ready to rock to the downside IMO. Trader sentiment is also peaking suggesting we will have a major correction soon if not already started. These things combined help give me confidence this is the correct count.
If the bear structure plays out, I would expect price to turn around in the area of the blue 0.5-0.618 fib lines and head lower. Technically it could go all the way to $15840 and still be valid but that wouldn't be "normal" and would be unexpected. If price moves higher breaching that price point in an impulsive manner, then you know we are headed higher for the last wave 5. Another characteristic to be watching for, if price begins to chop around/overlap, it is most likely in a corrective structure (hence the wave 2).
As I said, I think we get many clues today if not Monday, that will decide the index's fate. 😬
When/if we top today in a wave 2 then I will short the NASDAQ at that time. If I do that, it will be by buying SQQQ shares. When/if I buy SQQQ, I will notify y'all on here.
Bonam Fortunam,
--Tyler
Go to ewtdaily.com for DETAILED DAILY UPDATES on 27 unique tickers and a daily zoom call with members to discuss latest analysis and get a 7-day FREE trial
Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Go to ewtdaily.com for DETAILED DAILY UPDATES on 27 unique tickers and a daily zoom call with members to discuss latest analysis and get a 7-day FREE trial
Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.