Instead of waiting for the full retracement to the green line, I believe now that we will chop until the red and yellow moving averages converge (aligning our trade idea with the time til FOMC decision). I recommend not entering any trades until this convergence.
Those that followed my short call on Nasdaq from last week should be sitting on good profits upon closing the trade today. Prepare to re-short once the price retests the green line support that it broke through.
Maintaining my short view on Nasdaq. Short-term moving average (red) is consolidating under neath the longer-term moving average (yellow). Expecting a bounce to the downside today. Recommend using stops around ~7100 level. Before these bounces may get a false candle breakouts for a final retest of the moving averages.
BTC short is playing out profitably as expected. I expect the price to find support around ~7000.
The 5th wave should retest the long run support (green line) breached by the 3rd wave. March bear, April bull.
If you shorted at my earlier trade idea at 680, now would be a time to take some profits (there are signals that the selloff is starting to accelerate into a capitulation). However I do expect the price to fall further, breaking the white support line to test the long term green support line.
Prices have risen at an unsustainable rate and the recent February dip marked a key top level. I believe this week's breakout is a false breakout and more volatility will ensue. The false breakout is justified by the goldilocks job report (low unemployment, low inflation), but investors are forgetting how far prices have extended beyond their means recently and...
This week's price movement respected the upwards wedge trendlines and closing price action just breaking above the 200 daily MA is very similar to price action on 10/22/2015. There is resistance at 2025, but if this breaks, I expect SPX to hit 2050 in March. Closed all existing long positions to see price movement in the coming week.