Getting my trade plan ready. The smaller time frame has an additional, more immediately bullish count IF upper support holds. Negative divergence on MACD has been warning a pullback is possible. No guarantee it'll be deep, although since 2193 hasn't broken there's still an outside chance of revisiting the post-BREXIT lows. I'll be entering long with stops as we go. I definitely want to be long over 2194...
评论
nick.holland78
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Here's what I'm watching for support (see box) in an attempt to complete an impulse to the 2193/2200 level. Watching forming negative divergences as price moves higher for signs of local topping. I'm still interested in going long on a retrace but no guarantee there will be a deep one (white count).
nick.holland78
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nick.holland78
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Support held so far. Doesn't smack of an impulsive move with this overlap though. bwthdik?
nick.holland78
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Today's support brought to you by the number Phi. possible b-wave hit the 1.382 - a typical target. Hitting the 1.618 and over the probabilities shift significantly in favor of higher targets, perhaps as (v) of minute i or perhaps a lot https://more.https://www.tradingview.com/x/w1d8YoUp/
nick.holland78
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The nano white count is invalidated. Unsure whether the red wave (v) completes to the original wave 1 target, or if a corrective decline resumes as a c-wave of some degree. Note: my colors are different on SPX500 and SPY chart (posted above).
nick.holland78
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Looks more like a corrective (a)-(b)-(c) rather than the impulsive move I'd been tracking. Signal level wasn't taken out yet, but that 4th wave came a bit higher than normal. Here it is on SPY; support near 213 would still be a buying opportunity for an aggressive entry.
nick.holland78
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When a 4th wave meets it's price objective too fast I go on guard for a triangle. Needs to burn some time. Clear impulse up through signal range and I'm looking for a (b) wave in the green count, or else this was a complex w-x-y correction for (ii) in white - could be very bullish. Need to take out some resistance first; one step at a time.
nick.holland78
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Looks like a good hit for (a) of 4 at the 23.6% retrace of wave 3. Could be all of 4. Getting in a hurry it seems. Signal levels unchanged for initial indication that something else is playing https://out.https://www.tradingview.com/x/xF5fTwuN/
nick.holland78
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nano wave 3 looks about ready to complete. I revised the yellow fibs, but left the target boxes alone. The running flat for wave 2 is not common, but seems to be the best interpretation. Still unsure about the larger correction, whether this is wave (ii) or just the a-wave of a more drawn out https://consolidation.https://www.tradingview.com/x/zf51IZxE/
nick.holland78
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I'm not a timing expert, and this is but one of many paths a correction can take. If you don't understand Elliott Wave Principle and Fib Pinball then definitely DON'T attempt to trade my charts. I recommend trading your own plan regardless...