A very sophisticated bullish escape/breakout
When I choose a side to trade I take a rather unconventional approach in theory - I trade on the side with the most sophisticated algos driving the market. We don't have access to those algos but we can track their "thumbprints." Check out why I'm personally bullish for the coming weeks:
At the 15 minute interval we have wyckoff accumulation as the general picture. Within that, however, fractal Elliots
- Blue is a running flat with a leading diagonal coming off the 3-3-5 completion
- Green is occuring at the 3-5 minute intervals so difficult to see at 15 (but 15 is the lowest interval TV lets us post so you'll if you go to the smaller intervals yourself you'll see what I'm saying).... yep, another running flat that is completing now - expect a leading diagonal out of that with waves around some critical levels highlighted below:
* apprx 451 (or SPX500USD equiv. 4525) is the gamma inversion level where we go from negative to positive gamma exposure - this is also the gap fill from the other day {expect upcoming wave 2 around here to test support after breaking through on wave 1}
** apprx 455 - this is the flag resistance thats been developing over last week, we tested that support at the bottom of the first flat (blue); excpect wave 4 to test support here before finalizing the breakout on that upcoming wave 5.
Target after breakout is SPY 473.
At the 15 minute interval we have wyckoff accumulation as the general picture. Within that, however, fractal Elliots
- Blue is a running flat with a leading diagonal coming off the 3-3-5 completion
- Green is occuring at the 3-5 minute intervals so difficult to see at 15 (but 15 is the lowest interval TV lets us post so you'll if you go to the smaller intervals yourself you'll see what I'm saying).... yep, another running flat that is completing now - expect a leading diagonal out of that with waves around some critical levels highlighted below:
* apprx 451 (or SPX500USD equiv. 4525) is the gamma inversion level where we go from negative to positive gamma exposure - this is also the gap fill from the other day {expect upcoming wave 2 around here to test support after breaking through on wave 1}
** apprx 455 - this is the flag resistance thats been developing over last week, we tested that support at the bottom of the first flat (blue); excpect wave 4 to test support here before finalizing the breakout on that upcoming wave 5.
Target after breakout is SPY 473.
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