Still looking up.... Illustrated two (2) scenarios. Let's see which one sticks.
This is a follow up of previous post. GDX has moved up as expected. I am trimming my position here. Sharing a couple of parameters I am looking at.
I use SPX500USD cont index This is a short term possible scenario. Let's see...
NQ just broke the wave 1 creating an over lap. Now no longer impulse counts. This is why you are supposed to exit at 3 of 3
Follow up from previous post. So far looking good. Check the "No guarantee zone"
Risk vs Reward alert is good here as long as the support zone holds. GDX broke out of the down trend line / resistance zone, and pulling back to test the zone again. In EW cycles, GDX looks to be forming micro 3 - 4.
A lot of people are bullish in Oil just like a lot of people were bearish when Oil was over $140 and Bearish when Oil was down a year ago. You have to look at your chart and trade when you are confident. I was confident in Late march and in November. Right now, I prefer to stay aside and wait for the fog to clear. IF it is bullish, there will be plenty of chance...
I know sooooo many people are bullish with Bitcoin. Yes, it can go higher.... but I am side stepping for a while until the cost is clear.
NASDAQ / QQQ/ NDX are weak in comparison to SPX due to some rotation. But I think the NDX is aiming for $15000 zone, as long as the last low holds.
Sharing what I am watching for. Hope you enjoy.
One more low or not, it's getting close.
Things look constructive against the low. If it breaks the trend line, we probably will see one more low.
BTC may have bottomed and, if so, we could see near $70,000 zone.
NOC is forming a potential (1-2) and break out after the A-B-C correction. Worth keeping an eye on it.
GDX is bullish against the last low. Same for GDXJ. There's no sure thing - you trade what's in front of you.
LMT is bullish against today's low $354.43 Triangle could work. If it fails, LMT could head down to a new lower low. There's no sure thing - you have to trade what's in front of you.