Here's a wild idea.
What if we get another big leg up.
Each time we reach a key support level and everybody is short I get this sentiment read from people around me, both traders and non traders, about global financial meltdown.
This feels similar to every big dip on bitcoin on the way up. People too biased towards a bearish market that they cant see the uptrend.
Textbook elliot wave structure on this uptrend, going into leg 5 right now.
The bounce we just got was on a key support level from the macro chart.
I studys diferent futures/cfd charts on the spx and they all more or less align with this idea, being that support was where we just bounced.
The idea to short this is so overcrowded, everybody wants to be take the next "big short"
Short interest on the SPY jumped 18% from what i can find, though find it hard to get good data about short interest on the SPY etf
Still can do a couple of runs below support before this would break out to the upside
Lets see what we get. Looking for confirmation first
If you trade this, manage risk :)
What if we get another big leg up.
Each time we reach a key support level and everybody is short I get this sentiment read from people around me, both traders and non traders, about global financial meltdown.
This feels similar to every big dip on bitcoin on the way up. People too biased towards a bearish market that they cant see the uptrend.
Textbook elliot wave structure on this uptrend, going into leg 5 right now.
The bounce we just got was on a key support level from the macro chart.
I studys diferent futures/cfd charts on the spx and they all more or less align with this idea, being that support was where we just bounced.
The idea to short this is so overcrowded, everybody wants to be take the next "big short"
Short interest on the SPY jumped 18% from what i can find, though find it hard to get good data about short interest on the SPY etf
Still can do a couple of runs below support before this would break out to the upside
Lets see what we get. Looking for confirmation first
If you trade this, manage risk :)
Note
DJI COT tells an interesting story aswell with speculators dropping the ball and dealers stepping up imgur.com/a/IPR8KrXNote
So far so good. Waiting for a clean break above the red level now Note
Mewn it, pamp those indexes Note
Needs a push above the red level at this stage Note
Crushed that red level. but expecting a double top here with a substantial retrace. Hopium bounce on that diagonal but i dont know about that just before going into the weekend Note
Boom! spot on. Sadly i closed my longs before going into the weekend. Maybe should have watched the futures open last night, perfect long oppertunity. My main idea playing out perfectly And with more easing of measures + economys slowly restarting i could see this pump further. next resistance is previous high
Note
Was a good run! Just stopran leg 3's high and im not sure if we got more juice, scrapping this idea for nowBut managed to catch some longs so was still a good setup
Earnings coming days could wreck spx so lets see how this will unfold
Note
lol shit went bananas. Pretty insane call! Note
Little detour, but my initial target got hitNote
Also shows why i dont use EW anymore, it never really fits imo.Note
Reached leg 5 target in the end :)
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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.