Bullish View If Z Leg Already Found
Using measured moves to find the WXYXZ waves it looks like the final z wave might have already been found, or at least if it hasn't then the low would be around 5750.
This is in contrast to the previous chart I posted which summarized philakone's chart. In it he found the projection for the bottom of the z wave using internal elliot wave counts and found the the z leg is likely to go below 5k.
If the measured move count is correct and we're already into a bullish reversal then the main challenge going upward is breaking out of this very solid downward channel. It's right on the edge of the andrew's pitchfork line and I would strongly expect near term bearishness.
I don't think it's going to shoot straight up from here, this is probably a good area to take profits on any profitable longs and ratchet up protective stops on any long losing positions.
For my long term trades I do think there will be better opportunities to get better prices, it is probably going to chop a bit before forming a distinctive 1 wave base that will be the starting point for a move back to the teens.
I think 9100 is about as far as this bull move will go and then I will really be looking for shorts intraday. Right now I'm mainly sitting on the sidelines and only taking trades from the far edges of the daily ATR lines and trading back to the center.
It's probably going to start to see range compression so intraday mean reversion is probably the best approach for day trades.
This is in contrast to the previous chart I posted which summarized philakone's chart. In it he found the projection for the bottom of the z wave using internal elliot wave counts and found the the z leg is likely to go below 5k.
If the measured move count is correct and we're already into a bullish reversal then the main challenge going upward is breaking out of this very solid downward channel. It's right on the edge of the andrew's pitchfork line and I would strongly expect near term bearishness.
I don't think it's going to shoot straight up from here, this is probably a good area to take profits on any profitable longs and ratchet up protective stops on any long losing positions.
For my long term trades I do think there will be better opportunities to get better prices, it is probably going to chop a bit before forming a distinctive 1 wave base that will be the starting point for a move back to the teens.
I think 9100 is about as far as this bull move will go and then I will really be looking for shorts intraday. Right now I'm mainly sitting on the sidelines and only taking trades from the far edges of the daily ATR lines and trading back to the center.
It's probably going to start to see range compression so intraday mean reversion is probably the best approach for day trades.
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