Al :--)
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rat89
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Marcin,
very astute observation. since we don't know if this is the end of [5] or [3], the next move down, if it is indeed [4], needs to convince enough traders that [5] really is in. then [4] ends, catching them by surprise, and the blue [5] delivers a higher high to pull in the last of the money and bullish sentiment. regarding trade, there is a scenario whereby china at some point decides that trump is a lame duck, and retaliates with enough force to make any kind of trade agreement next year unlikely. here's qqq:
very astute observation. since we don't know if this is the end of [5] or [3], the next move down, if it is indeed [4], needs to convince enough traders that [5] really is in. then [4] ends, catching them by surprise, and the blue [5] delivers a higher high to pull in the last of the money and bullish sentiment. regarding trade, there is a scenario whereby china at some point decides that trump is a lame duck, and retaliates with enough force to make any kind of trade agreement next year unlikely. here's qqq:
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Originally posted by MarcinO
I am looking at a very similar wave count on Nasdaq, rat. The areas derived from weekly TFs are a few hundred points wide there, or rather cosist of multiple sublevels covering such a wide range. Anyway, the bottom of it has been tested today, but my wave count on 1H TF suggests at least one more push to the upside. Guess, we need to wait for a trigger starting downside move i.e. failed US-China trade negotiations or final confirmation of global economic slowdown. The latter has been ignored during last few months, which is typical of final uptrend phase.
Originally posted by rat89
Marcin, seems quite likely....spx is right in the area for a turn, and the question is whether it hit the end of Major [5] today (green numbers) or just Major [3] (blue numbers)
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MarcinO
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Made a nominal new high overnight and is in a middle of a nice correction now. My support levels are 8140-50 (readjustment of area posted yesterday) with minor level at 8195.
Originally posted by MarcinO
I am counting on Nasdaq to drop to 8130-40 and then set ready to make another new all time high. I wonder how long will it stay in the uptrend. Looking on daily TF I cannot notice that it has become and more and more tired this year...
AL
albert
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Paper trading. Lost a little on a DVN long call and on a WFC long call. Made a little more on a KR long call. Made a little more than I lost, commissions included.
Al
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Al
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DU
Duane
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Reaction off of this level will determine if we make new highs or new lows
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MarcinO
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Key level has not been tested yet, but looking at the layout I guess the correction will be deeper then I initially expected.
Originally posted by MarcinO
Made a nominal new high overnight and is in a middle of a nice correction now. My support levels are 8140-50 (readjustment of area posted yesterday) with minor level at 8195.
Originally posted by MarcinO
I am counting on Nasdaq to drop to 8130-40 and then set ready to make another new all time high. I wonder how long will it stay in the uptrend. Looking on daily TF I cannot notice that it has become and more and more tired this year...
RA
rat89
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Duane, very interesting....
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Originally posted by Duane
Reaction off of this level will determine if we make new highs or new lows
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