As long as we keep making higher lows in the current demand zone, I think we can bounce out and still try for a push up to 138. I, again, redid my wave counts but nothing has changed for my overall projection; just will take different structure to hopefully get up there!
I’m currently in a call spread—entered towards end of day. I’ll be looking for a bounce out of demand and will actually look to lock in some profits fairly quickly as I think the overall market is looking like it is starting to turn over. Just will be avoiding potential of this getting dragged down with it.
Game Plan: watch for higher lows to continue and hopefully capture an impulse wave 3 up. My stop for my current trade is 118.12. Break below this and I think 108 can be targeted. If we continue up, my target is 138, but above 135 is high caution for me.
I’m currently in a call spread—entered towards end of day. I’ll be looking for a bounce out of demand and will actually look to lock in some profits fairly quickly as I think the overall market is looking like it is starting to turn over. Just will be avoiding potential of this getting dragged down with it.
Game Plan: watch for higher lows to continue and hopefully capture an impulse wave 3 up. My stop for my current trade is 118.12. Break below this and I think 108 can be targeted. If we continue up, my target is 138, but above 135 is high caution for me.
Note
Got the bounce out of demand and I locked in my profit for it today. Though I still think it can go up, I don't have to hold longs with profit in the face of potential market turn over...Game Plan Update: I think that we now established yellow waves 1 - 2 out of demand and that we could be working on wave 3 within the yellow waves. Meaning, yellow wave (3) should have 5 smaller degree waves within that. What I would look for now is for these smaller degree waves 1 - 2 to be established and print a higher low. If this happens, I think that keeps first target of 135 definitely in play!
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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.