Little trade idea. Seems like with the messy price action we have seen over the past couple of days, Equities might be reprimanded with one more trip down below to clarify for participants, does the market want a real rally, or just pump and chop dump fest. Irregularities dominated the price action in many assets I track this past week, but really, NQ has maintained, best of all, as if traders are seeking clarity over uncertainty. All magnitude would be well accounted for with an impulse down to the 17258 area, and a rally would be all but certain to follow...possibly even to retest the highs, or better, make new highs if this correction is complete. I am actually tracking this correction as THE correction, and cycle and primary waves appear in the chart as white and red, respectively. Time will tell where we end up, but for now, down, up, up, up, would be the action that I expect.
Note
Welp, that settles that! Now counting this correction as complete or completing...mainly because of MACD (higher high on less strength). Counts pretty well as WXYXZ if you unwind some of the chicanery in the waves. Clearly the man must be real happy with all his NQ call and lots of Australian Dollars...lol.
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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.