USOIL FUTURES 7/31/2024
Nasdaq Trading Update:
Current Status:
Sell Invalidated: The standard deviation hit for Nasdaq indicates that our sell position has been invalidated, validating our current pullback buy position.
Price Action: The internal and external delivery structures, as well as price action, are respecting general rules and demonstrating strong, favorable patterns. The price action is behaving as anticipated, showing promising development.
Technical Analysis:
Wave Structure: Leg 5 within Leg 5 for the downside has been completed, delivering a corrective move in a wedge pattern. Divergence also supports the potential for a reversal.
Accumulation Phase: The accumulation phase appears clear, suggesting a successful transfer of money and positioning.
Trading Strategy:
Current Positions: The existing buy position is holding well, indicating a good sign for the ongoing strategy.
Risk-Off Additions: On a pullback, I plan to add more risk-off buy positions to capitalize on the anticipated upward movement.
Next Steps:
Monitor Pullbacks: Watch for pullback opportunities to add more positions, ensuring they align with the current market structure and risk management strategies.
Take Profit Considerations: Consider potential take profit levels and adjust positions as needed based on further price action and market developments.
Current Status:
Sell Invalidated: The standard deviation hit for Nasdaq indicates that our sell position has been invalidated, validating our current pullback buy position.
Price Action: The internal and external delivery structures, as well as price action, are respecting general rules and demonstrating strong, favorable patterns. The price action is behaving as anticipated, showing promising development.
Technical Analysis:
Wave Structure: Leg 5 within Leg 5 for the downside has been completed, delivering a corrective move in a wedge pattern. Divergence also supports the potential for a reversal.
Accumulation Phase: The accumulation phase appears clear, suggesting a successful transfer of money and positioning.
Trading Strategy:
Current Positions: The existing buy position is holding well, indicating a good sign for the ongoing strategy.
Risk-Off Additions: On a pullback, I plan to add more risk-off buy positions to capitalize on the anticipated upward movement.
Next Steps:
Monitor Pullbacks: Watch for pullback opportunities to add more positions, ensuring they align with the current market structure and risk management strategies.
Take Profit Considerations: Consider potential take profit levels and adjust positions as needed based on further price action and market developments.
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