Next Leg Correction underway
Updated
Rally was short and sweet. Got 0.50. Fibo. Meta cracked it. Was fading all day already after the morning pump; just three up days.
C legs typically extend farther and give a 1.62 extension, capitulation and panic prevail.
May will be Bearish, at least to start, imo. Need to watch this correction carefully to gauge whether it takes ABC form or a more sinister impulsive move.
Setup for a summer rally beyond.
C legs typically extend farther and give a 1.62 extension, capitulation and panic prevail.
May will be Bearish, at least to start, imo. Need to watch this correction carefully to gauge whether it takes ABC form or a more sinister impulsive move.
Setup for a summer rally beyond.
Note
B wave is or near complete. Another news shock will end it. Holding short in SQQQ SPXS TZAOrder cancelled
Well Goldilocks couldn't ask for more. MSFT, GOOG HOT and PCE was just okay. Looks like it wants 5100 after all.Astonishing buyback from -70 to +60 overnight, closed most of shorts in the open for small drawdowns.
Paytience... re-enter higher. FOMC next week could be the catalyst.
Note
Creeps higher... .62 fibo close... waiting. AAPL, AMZN + FOMc this week, wild swings.. don't get caught wrong side.Trade active
Carried some SPXS bought eod Monday. Closed at open. Look at August PA to see why these inverse ETFs ain't werkin. After the first dump, bullish enthusiasm persists for weeks. Eventually next leg lower comes, but frustrated bears go broke waiting for it.IF AAPL beats and AMZN declares a dividend, could see new ATH. Be cautious!
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Well AMZN ER was superb and it bumped the stonk five bucks, or less. QQQ dumps o/n.When I see this kind of PA before FOMC it makes me wonder, 'does somebody know something?!'
Could there be a leak from the Fed? An aide calls his broker to report "they are talking about another hike!"?
Sure makes you wonder... we are definitely outsiders looking thru a tiny keyhole. Bewary!
A 10% correction seems a likely outcome, and soon.
NB: One rough day and this page is full of doomsayers, again forecasting a mega-crash of 40-50%.
Well, we had a bear market in '22, could it go again?
Absent another GFC, this seems improbable IMO.
Be wery wery cawefull, we awe hunting Beaws!
Trade active
Played fill da gap, paperhanded few longs, bulls took charge and ran uphill, again. Whipsaw. correction may move sideways for some time. Bigger move down can come any day, setup for a rug pull. Hold nothing at night!Trade closed: stop reached
Looks like an initiation gap, massive surge on payroll report. Hold nothing was a good strat! Probably gonna test ATH and double top soon. Surprise, surprise.I did warn; "Bears Beware!"
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