Sold off into demand today but ultimately held an important level at 271. I liked the price action today consolidating in this demand zone and I still think we can push up to complete the overall structure of this relief rally.
Tomorrow I will be watching where we open. If we bid up at open, I will watch the 275 level; if we bid up and consolidate around 275, I will look for a retrace back to demand and for it to make a higher low. If this is the case, I think this will confirm that we can be in a wave 3 up (green numbers). A retrace can represent a 1 - 2 wave for the 5 micro waves that make up wave 3 (micro waves in yellow).
If we open down and make a lower low, the key price is 271 that needs to hold. Below this and we can see some downside action quick, likely invalidating this count. Again, this is why I wait for the set ups to establish first rather then trade assuming for the set up. If we break down, I think 265 is next level (268; 265; 260).
Game Plan: we hold and bid up at open, will trade based on this count. We open lower, going to sit and watch to see potential pivot.
Tomorrow I will be watching where we open. If we bid up at open, I will watch the 275 level; if we bid up and consolidate around 275, I will look for a retrace back to demand and for it to make a higher low. If this is the case, I think this will confirm that we can be in a wave 3 up (green numbers). A retrace can represent a 1 - 2 wave for the 5 micro waves that make up wave 3 (micro waves in yellow).
If we open down and make a lower low, the key price is 271 that needs to hold. Below this and we can see some downside action quick, likely invalidating this count. Again, this is why I wait for the set ups to establish first rather then trade assuming for the set up. If we break down, I think 265 is next level (268; 265; 260).
Game Plan: we hold and bid up at open, will trade based on this count. We open lower, going to sit and watch to see potential pivot.
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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.