We mentioned in yesterday’s video that if we don’t rally overnight – then we could pullback down to the 2463 region — and that’s exactly what we got today. I mentioned to members in chat today that it could be a buyable point for a move to new highs.
However, keep in mind position sizes and quickness to exit in the event that the market breaks down is important – as we are getting near a potential top. When it falls, I don’t know whether it will be quick/unexpected or whether it will consolidate first and then pullback.
At this point, there is a setup towards our target in the 2485 region as I’ve been expecting for a few weeks. From there, we would have to see whether extensions are in play or not.
If we hover in the 2470 area into Monday morning- then extensions could be in play.
At this point, we could top as early as next week – although my expectation was in early August sometime. Good to keep both possibilities in mind.
In the previous chart, we were looking for a move towards 2470 – which we got — we hit 2476 – and then a pullback into the low of 2463 this morning as predicted.
Sign up to become a member to access to premium videos and you will get the insights you need to make more educated trade decisions. And yes, you’ll get to join our Whatsapp mobile text alerts for weekly trade recommendations.
|Get Trade Alerts Now|
Need assistance with getting approved for options by your broker?