UPDATE Feb 28
Last day of the month, and it should be a green one. We should be going up, what happens next depends on how high we go up today. My guess is we go near 300.
there are 3 possibilities (1 bullish)
12*** Nasdaq, 3** QQQ - I switch back and forth.
1.) We are in wave 4 of 1 down and run towards 300 before reversing lower. Wave 4 should be less than a 50% retracement from the high of 12792 and the low of 12048, which is around 12420 as the target. Once it reaches this point, it should then sell down again before another up move. It has reached a minimum retracement, so this can reverse and sell down at any time or reach as high as 300, but I have 298 as my reversal point today for whatever that is worth.
2.) We have completed wave 1 down and are in the beginning of wave 2 up. Wave 2 should retrace back as high as 310, most likely near 305, though. This would be followed by a rapid sell off leading back into the 270s (not today, obviously).
3.) We completed wave 4 down and are in wave 5 up. This needs to break the 310 high to be valid.
These are the 3 possibilities. I lean towards 1 or 2. And I lean more 1 by the way this price acts.
$Alibaba(BABA.US$ This is a fish out of water flopping around. Let it find a bottom and establish a direction.
$Tesla(TSLA.US$ I started short positions yesterday, a day too early.
Be Safe, Be Careful, Be Wise
I do not trust this market, it is a mess. Cash is good. There is very little momentum up, and it is so oversold that the downside is minimal, so it churns up just so that it can sell down. That is UGLY! it wants to drop but doesn't want to pay shorts and so it churns until it gets news to bring volume and push it to a direction. The best is to wait until it finds a top or bottom.
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sTone83 : Dude, I think it's very difficult to go north through 12240. If you do, it'll be even more boring, and you're back in the box area two weeks ago... .
BruceLin8 : Reaching 300, will start drastically down mean?
iamiam OP BruceLin8 : yes it should.... however I think we are in wave 5 of wave 1 down. I think 4 completed and we are in wave 5 down to complete the first wave down.
iamiam OP sTone83 : I agree
i short the sheriff : hmmmm...
BruceLin8 iamiam OP : QQQ can’t break 296….
iamiam OP BruceLin8 : nope, it's range bound between the bollingers twisting.
humorous Squirrel_48 iamiam OP : What do you think of the day after tomorrow, brother?
iamiam OP humorous Squirrel_48 : tomorrow pmi data comes out. If it's good, we will shoot up towards the highs and then start selling down. if it is bad, this will sell down. we don't have really far to go, maybe 285. then it will get oversold and search for a rebound. i do not know how long those take to play out after pmi release a day 2, 3 who knows, but I lean it will happen fast.
humorous Squirrel_48 iamiam OP : how about Tsla？
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