c505218304b50c59c3659f6dda43bae7-links-0–>Trading and holding through the ups and and downs has not been easy recently. However, pattern as in the pink line below is a potential as I see a clear 5 waves down from 2180 into 2168 support – just breaking below the prior breakout point at 21969 that happened at the Monday open.
Generally speaking, Wednesdays/Thursdays/Fridays are most important for options trades – whereas Mondays and Tuesdays don’t matter quite as much in comparison. So next couple of days will determine the larger pattern. Also, a 3 day weekend is coming up – and historically, the market does not crash going into the weekend.
I remember back in the February 2016 lows – that President’s Day weekend, the low was either Wednesday or Thursday.
For today, I was hoping for a specific pattern to play out – but it didn’t play out exactly as I expected. However, I stuck with the trade because the larger pattern was also suggestive of other possibilities. There was pain along the way, but the close in the last half hour shows promise. More importantly, I see a recognizable pattern that may play out.
Russel closed near the highs and potentially formed a 1-2 pattern. Meanwhile, the Nasdaq formed an A-B Mountain pattern.
Sign up to become a member to access to premium videos and you get the insights you need to make more educated trade decisions. And yes, you’ll get join our Whatsapp mobile text alerts for weekly trade recommendations.
|Get Trade Alerts Now|