Despite Bitcoin strength and an Analyst upgrade, Square stalled and got rejected precisely at 251 Gann level, slightly above the 50-60% retracement zone.
Our idea then was to build short exposure, as we can count a complete wave (b), expecting further downside.
Price is back at the volume node low today. Should price turn and make a higher high, the count needs to be adjusted because we then have 5 waves up (green count) and can expect the entire correction to be complete.
Correlations:
Bitcoin appears to have completed its bullish wave but is struggling to correct. Buying pressure is still strong, but volume hints at retail/FOMO buying. QQQ closed weak on FRI and a follow-through on MON would be the usual procedure.
12 OCT venus conjuncts natal Saturn, potentially a bearish aspect.
______________
constellations.trade
In my analyses I combine Elliott waves, Gann theory, and planetary aspects to identify turning points in the markets & derive high-probability trading ideas. The strategy is to build leveraged exposure when markets are likely to expand, and to use options premium decay for consistent income when markets may contract and range.
BTO = buy to open
STC = sell to close
STO = sell to open
BTC = buy to close
TD = Theta Decay (for example a strangle or iron condor)
These abbreviations in the chart describe ideas that are provided as educational information and do not constitute financial advice.
If you'd like to support my work, you can open accounts here & get discounts:
TastyTrade
start.tastyworks.com/
Deribit
deribit.com/reg-14912.6680
Binance
accounts.binance.me/en/register?ref=LLBB97HL
Disclaimer:
The views and ideas expressed in this analysis are that of the maker. They are provided as educational information and do not constitute financial or trading advice.
Our idea then was to build short exposure, as we can count a complete wave (b), expecting further downside.
Price is back at the volume node low today. Should price turn and make a higher high, the count needs to be adjusted because we then have 5 waves up (green count) and can expect the entire correction to be complete.
Correlations:
Bitcoin appears to have completed its bullish wave but is struggling to correct. Buying pressure is still strong, but volume hints at retail/FOMO buying. QQQ closed weak on FRI and a follow-through on MON would be the usual procedure.
12 OCT venus conjuncts natal Saturn, potentially a bearish aspect.
______________
constellations.trade
In my analyses I combine Elliott waves, Gann theory, and planetary aspects to identify turning points in the markets & derive high-probability trading ideas. The strategy is to build leveraged exposure when markets are likely to expand, and to use options premium decay for consistent income when markets may contract and range.
BTO = buy to open
STC = sell to close
STO = sell to open
BTC = buy to close
TD = Theta Decay (for example a strangle or iron condor)
These abbreviations in the chart describe ideas that are provided as educational information and do not constitute financial advice.
If you'd like to support my work, you can open accounts here & get discounts:
TastyTrade
start.tastyworks.com/
Deribit
deribit.com/reg-14912.6680
Binance
accounts.binance.me/en/register?ref=LLBB97HL
Disclaimer:
The views and ideas expressed in this analysis are that of the maker. They are provided as educational information and do not constitute financial or trading advice.
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.
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.