Very tricky rejected at the top of left h&s also in line with a desending triangle triangle forming another lower high on daily but also could be a wave 1 of 5 up and today started abc 2 down along with possible double bottom or desending triangle forming...one thing for sure I had a short today after it run and I made money and closed it out I kept my position I opened with the vix but have a stop in place either way I'm trading this with tight stops just in case I'll see what it looks like in morning I def was not going to carry a position over night just in case. That possible double bottom is what has me really hesitant...and i know every h&s kinda forms a double bottom but rsi and Mac d on the daily has me just very hesitant because I see traps that can happen both ways. I'm trying to use all my ta on this set up and honestly biggest question I have is where are the big money centers positioned and what exactly are the algos doing.
@mattlippiatt1273 - Hey Matt - good to hear from you! Thanks for your analysis! I agree with your caution and hesitation. Also great "biggest" question. As we start the new year and the first quarter big money centers seem to be (at least to me) positioning towards the upside - and I'm seeing 6150 (JPM collar) to 6200 (call wall) in the SPX.
Happy New Year Michael! Thank you for your time and effort, I (we) really appreciate it!! Nobody knows what the market will do (that´s why we love it) and your consistent analysis helps a lot. Personally I bet on more downside, for me white b-c is a leading diagonal with 85% retracement (i-ii). Let´s see what happens. Right, the market will show us :)
I think markets are not finished with wave 4 and we head lower this and next week
Appreciate your analysis.
@montbeltrading - Thank you!
Very tricky rejected at the top of left h&s also in line with a desending triangle triangle forming another lower high on daily but also could be a wave 1 of 5 up and today started abc 2 down along with possible double bottom or desending triangle forming...one thing for sure I had a short today after it run and I made money and closed it out I kept my position I opened with the vix but have a stop in place either way I'm trading this with tight stops just in case I'll see what it looks like in morning I def was not going to carry a position over night just in case. That possible double bottom is what has me really hesitant...and i know every h&s kinda forms a double bottom but rsi and Mac d on the daily has me just very hesitant because I see traps that can happen both ways. I'm trying to use all my ta on this set up and honestly biggest question I have is where are the big money centers positioned and what exactly are the algos doing.
@mattlippiatt1273 - Hey Matt - good to hear from you! Thanks for your analysis! I agree with your caution and hesitation. Also great "biggest" question. As we start the new year and the first quarter big money centers seem to be (at least to me) positioning towards the upside - and I'm seeing 6150 (JPM collar) to 6200 (call wall) in the SPX.
Happy New Year Michael! Thank you for your time and effort, I (we) really appreciate it!! Nobody knows what the market will do (that´s why we love it) and your consistent analysis helps a lot. Personally I bet on more downside, for me white b-c is a leading diagonal with 85% retracement (i-ii). Let´s see what happens. Right, the market will show us :)
@roberalmi5912 - Happy New Year Robert - You're welcome!
Thankyou
You’re welcome!
Triangle was me😅
@skschicago5027 - if you are till tracking that triangle - please keep us all posted on the progress. Thanks!