Long-term wave count setup. Big buying opportunity with a tight stop.
Wave 5(light blue) looks to be a failure concluding the 5 wave sequence down. It's hammer-time...
In the last few weeks EURUSD has been undergoing a complex triple zig-zag correction for wave 4 on the larger degree. Looking for a 5 wave sequence up to complete the Triple Wave C early next week. Then the larger move down can begin. Current position - moved from short to long late day Friday, in anticipation for wave C. Once completed, will move back short.
In a complex Triple Zig-Zag correction.
looking for a wave 4 to be completed on a triple zig-zag.
Clear change in psychology on the weekly candles. 55.33 showing as major resistance. looking for a move towards the mid-47's. Clear Bearish engulfing last week, a few spinning tops the weeks prior. $CMCSA
Looking at the S&P500 longer term, It's pretty interesting to see chart patterns that obviously communicate the higher risk to a down side as the volatility is increasing.
Hitting 3 resistance points. Looking for a retest of the lower channel.
Looking at a potentially rather large channel / double top. Established a short position today.
$JCP looks like a good buy here at these levels. 1. Price and Valuation (historical long-term support levels all the way back from the 80's) 2. Large short interest (looking for a nice short squeeze soon) 3. Overall people are freaking out / emotional.(people actually think JCP could go bankrupt in 3 months) So I am going to take advantage here and buy.
Old resistance becoming new support... Big upside move establishing itself here..