Well, yesterday’s prediction was a rise towards 2075ES — and if we hit resistance, from Fed, then we turn down.
Well, here’s what happened:
S&P500 Hourly Chart
I’m pissed that my prediction largely lined up with what actually happened. Except I traded it wrong. That spike after the Fed announcement came back down – and then consolidated for an hour above 2070 – making me think that my downside prediction wouldn’t happen.
Then in the last half hour, the market suddenly drops – very annoying.
Either it’s a wave 2 drop – and will reverse — or if we broke yesterday’s lows – would held towards 2010-2020ES.
Somehow this drop seems to quick to be a c-wave down. We’ll see what happens overnight. I still think it’ll reverse back up — because the size of this b-wave and length of time is just too short considering the size of the multiple-day drop in wave a. But I had to follow my rules and stay out for now.
Meanwhile, both gold/miners/silver all went up – so our positions continued to increase in value with this nice pop in the metals complex after the Fed. Even before the Fed, the gold miners were rallying up into the announcement with follow through after the announcement.
Nasdaq Hourly Chart
Nasdaq had a clear 5-wave channel in both the wave 1 and wave 5 position – indicating a reversal bounce, which happened. But then we did drop below 4400 once again near the close
Russell Hourly Chart
