Nasdaq Dip Now >> Santa Rally Next
Updated
Looking for a leg down to complete a 4th wave in Nasdaq & S&P . The recent strength can be counted as a B wave with C expected down. A very long trend line and recent touches on it could amount to a bit of a snap if it breaks. C waves are often an impulse as well, so it could be a quick decline...
But it is a bull market so expect surprises to the upside as noted, shorting may not even be a good option here.
If I'm right there should be a good buying opportunity which could amount to a Santa Rally if it sustains.
If you aren't familiar with the 88.6% Fibonacci, .886 is the square root of .786... hence the note on the chart.
I will likely short at 62% or 78.6% of A with a risk to the 88.6% depending on how the evening proceeds.
But it is a bull market so expect surprises to the upside as noted, shorting may not even be a good option here.
If I'm right there should be a good buying opportunity which could amount to a Santa Rally if it sustains.
If you aren't familiar with the 88.6% Fibonacci, .886 is the square root of .786... hence the note on the chart.
I will likely short at 62% or 78.6% of A with a risk to the 88.6% depending on how the evening proceeds.
Comment
Watching for a top, funny enough here at the .886 of the move down... could be two nights in a row where demz da brakes...Disclaimer
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