Evening Update (Early): To "b" or not to "B"
I'll make this clear, concise and quick.
PURPLE
If we retrace to at or above 3969....Purple is confirmed. 3969 would be the 50% retracement of wave 3. Now the impulsive count would not be invalidated but probability wise this is not a wave 4. This would be an ABC. The Purple count will not get to and below 3788.
BLACK
If price gets to approximately 3930-3945 and then retreats again to take out 3901.75 and goes to the area of 3880-3885 and begins to retrace higher over the course of the next day or so...this would be a clean 5-down and 3 up for a 1-2 down. This would point us to the mid to low 3700 minimum.
In an abundance of caution I closed my short put position for about 80% of the premium. For accountability purposes, I posted that in the comments section of my morning update.
I will be off the desk tomorrow unless the "DoDo hits the fan" (which I do not anticipate)....I'll post again in my weekend update. I'll still answer DM's and Comments.
Best to all,
Chris
PURPLE
If we retrace to at or above 3969....Purple is confirmed. 3969 would be the 50% retracement of wave 3. Now the impulsive count would not be invalidated but probability wise this is not a wave 4. This would be an ABC. The Purple count will not get to and below 3788.
BLACK
If price gets to approximately 3930-3945 and then retreats again to take out 3901.75 and goes to the area of 3880-3885 and begins to retrace higher over the course of the next day or so...this would be a clean 5-down and 3 up for a 1-2 down. This would point us to the mid to low 3700 minimum.
In an abundance of caution I closed my short put position for about 80% of the premium. For accountability purposes, I posted that in the comments section of my morning update.
I will be off the desk tomorrow unless the "DoDo hits the fan" (which I do not anticipate)....I'll post again in my weekend update. I'll still answer DM's and Comments.
Best to all,
Chris
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.