SandP in Flat Wolfe Wave End Game: Bear Move Incoming
Updated
Several contributors have proposed Wolfe Models. This move formed a flat pattern rather than a rising channel.
This flat emulates a measured move 'flagpole.' We're sitting on the cap at top of flagpole IMO.
MFI gone in half, volume sparse.
Typical of Wolfe waves is the time elapsed in 1>2 = 3>4, as is clearly seen here. Enjoy the last gasp of this mad rally...
Breakdown should occur with similar periodicity; expect on/about 4-7 Jan 21.
NB: ABCDE denotes the Wolfe wave. Some authors have drawn it from the Covid Crash. Started here from June Swoon.
Bear move can take any form. Likely to be an impulsive correction, given the monster rally of 2020.
Here's a link on variations of Wolfe. This is an educational post not intended to be investing advice; trade at your own risk:
GLTA!
tradingstrategyguides.com/best-wolfe-wave-strategy/
This flat emulates a measured move 'flagpole.' We're sitting on the cap at top of flagpole IMO.
MFI gone in half, volume sparse.
Typical of Wolfe waves is the time elapsed in 1>2 = 3>4, as is clearly seen here. Enjoy the last gasp of this mad rally...
Breakdown should occur with similar periodicity; expect on/about 4-7 Jan 21.
NB: ABCDE denotes the Wolfe wave. Some authors have drawn it from the Covid Crash. Started here from June Swoon.
Bear move can take any form. Likely to be an impulsive correction, given the monster rally of 2020.
Here's a link on variations of Wolfe. This is an educational post not intended to be investing advice; trade at your own risk:
GLTA!
tradingstrategyguides.com/best-wolfe-wave-strategy/
Trade active
Played Fade Gap nicely and shorted the retracement. Looks like it topped at 3756, with NQ just shy of 13K.Confirming in the weekly candles.
Trade active
FTG not working so well on 12/30. It's a thin volume market with major players on holiday. MOMO can drive prices suddenly. Short covering might easily drive new ATH. Made a dime and closed again. Holding inverse ETFs. Probably best to stay away, choppy and unpredictable. Short session on 12/31 likely get a EOD spike, as sellers close out positions, as we saw on 12/24.Trade active
Hmmk; looks like a correction starting out New Year...Note
Made a bit on shorts but closed early, LOL! We've been trained for 2 months to close shorts quickly so when my contracts go into the money I sell em; see if this is just a nother Bear trap or do we get a real correction?! Got Pump n Dump cooking futurz AH...
Trade active
Entering bear spreads shorting this rally on 1/5, in SPY 370P, QQQ 310P, 311P, short the weeklies in $6 spreadsNote
Closed on the daily dip, re-enter EOD IMONote
Do not be fooled by the rally; might struggle higher for a few days or tank off again Weds, be ready. It's a reaction rally; a retracement before lower IMOTrade active
Double topping IMOOrder cancelled
Insanely bully, blowing off top ffs... wait for itTrade active
Climbing back onboard the putrain, small pos in sqqq, sdow, tza; and a few bear spreads.Note
Yeah it's gone full-bore pumptard; Hopium & Greed fueling this fire... this is the third parabolic of Three Drives to Top IMO; not big shorting yet, just a handful, probly gonna get short-squeeze Friday.Trade active
Shorting this at top of the channel; target 3720
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