A Q4 second corrective C wave upward resulting in a lower high and subsequent fall beginning somewhere around the middle of November. We also have a 5-wave count starting from late June.
Comment:
Well daily 21 ema never got tested. As you can see we've gone very high very fast - much faster than is healthy for the market.
The big short opportunity is coming up fast. The moment we touch that orange line (which should be at exactly 59.5k at that point) I am opening a short.
Spoiler Alert: It is going to be the Short of the Year.
The big short opportunity is coming up fast. The moment we touch that orange line (which should be at exactly 59.5k at that point) I am opening a short.
Spoiler Alert: It is going to be the Short of the Year.
Comment:
Well the 59.5k short did not work out. I have opened another short at $62,800; I now believe we will have one more move upward however, so I will be taking profits on this short around $57,700 or before.
Now we draw close to the ever-important orange uptrend line. I'm leaning toward the possibility that we don't test it just yet. My plan is to close long at about 57.5k, in expectation of a retracement back down to the daily weekly 21 ema, after which we get the final move back to the upside.