Had to update the earlier Elliot wave count because the most recent move up looks far more like an impulsive structure than a corrective one
Tomorrow’s FOMC meeting is stirring up extra volatility.
I’m anticipating a run-up toward the $100K area before a larger retracement sets in. Psychologically, $100K is a major round number that could attract late retail buyers often becoming exit liquidity for earlier players. A sharp move up could squeeze remaining shorts and generate momentum, only to trap new longs before the market turns lower.
Tomorrow’s FOMC meeting is stirring up extra volatility.
I’m anticipating a run-up toward the $100K area before a larger retracement sets in. Psychologically, $100K is a major round number that could attract late retail buyers often becoming exit liquidity for earlier players. A sharp move up could squeeze remaining shorts and generate momentum, only to trap new longs before the market turns lower.
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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.