UPDATE Feb 22
Well, it went south. I was going to do a post but didn't have much to say and so I just added a comment onto my last post, I do not think very many people see that, so I appologize I will just do a quick post next time.
296.20 was the market hours peak of wave a of the wave B on the ABC correction. The body peak was 291.2, so there is a chance we did not break it and can remain bullish. This is a small possibility but a possibility. In order to remain bullish, we would need to break 301 on the first reversl and push to 304.
I expect a rise today. How high we go will tell what type of market this is. The way this played out makes me overall bearish, but there is a chance we turn bullish. We would need to make a new high to remain bullish and complete a 5th wave, not today, but soon, and today's run should be over 301 to remain bullish.
The rise today could also be the retrace back from the first wave down. This could go as high as 308/9. I could see that if FOMC minutes are less hawkish than we were led to believe by the NON VOTING members who have been speaking lately, throwing wet blanket after wet blanket onto the market.
So to sum up. today will go up. But this will be 1 of 2 things.
1.) BEARISH - We go up completing the bearish retrace. Reversal points are ~297, 300, 302, 304. When we reach these, if the view is bearish, short positions can be entered.
2.) BULLISH - We go up, we hit the reversal points pullback, and then continue onward. I would not recommend entering new bullish positions unless you have a plan to get out quickly. 5th waves are bullish but not the easiest to make money. The final destination for this is 319.
over this run I have exited most of my longs, i did add to SNAP and BABA and I still hold Tesla (just in case it pops, but my average is 117 and my calls are 155, well ITM, i have been rolling up)
$Snap Inc(SNAP.US$ Looking for a pop from SNAP
$Alibaba(BABA.US)$ China is pumping money into their economy, where that ends up outside commodities. Who knows. But Baba reports tomorrow. I will probably unload most today just to lock in profits, because you never know.
$Tesla(TSLA.US$ Let's get another pop! i actually look towards 210, creating a head and shoulders.
Well, it was fun, but winter is ending, (eventhough i have new snow here 🥶) and the bears seem to be coming out of hibernation.
IF we are bearish, this structure leads to NEW LOWS! QQQ = 220'ish.
We either take off or drop to earth.....
Be Safe, Be Careful, Be Wise and as always
Good Luck ![]()
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sTone83 : Thanks for the updates as always, bro
JohnCS : your post is something we follow daily now
LEng LEng : Thanks @iamiamas always sharing your insight
Dat Boi Genesic : Looks like the plane engine is failing… brace everyone
iamiam OP Dat Boi Genesic : not necessarily. i would wait for FOMC. This market may surprise you.
Golden_Spoon : what are your thoughts on Mara? not sure if macd is trying to start red bars again, or complete the current red. orange and blue are still flipped, but are above 0.
BruceLin8 iamiam OP : When is FOMC?
iamiam OP BruceLin8 : 1pm EST
iamiam OP Golden_Spoon : Mara is tough because Bitcoin is actually holding.(I heard a theory this was china money, no idea how true that is). Mara itself also looks good on the weekly. i would hold through this, it looks like it wants to try up still
icezzz : Do u think will have another leg up? or marjet consolidate undecided direction?
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