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Alright, sleep is becoming a thing of the past for me, and exhaustion a thing of the present. So this update I’m actually going to keep short, unlike yesterday’s failed attempt at brevity. I spent a fair amount of time on the charts, so hopefully they’re self-explanatory.
It appears that the preferred count of Friday and Monday was a dead-on hit, and that we’re now most likely in blue wave (4). There are more bullish potentials — so as always, I would caution against any temptation toward complacency.
This rally wave currently has an a-b-c appearance, and could be nearly complete. However, fourth waves are known to frequently string together several fractals, so another up/down sequence wouldn’t be out of the question.
Most notable levels are discussed on the chart, and bears should definitely be cautious in event of any breakouts above the red trendline.
The Nasdaq appears to have further to fall.
The next chart simply examines the trendchannels on RUT.
We may be skating on very thin ice here, but the weight of the evidence still supports a weak bull case for the near to intermediate term. So I’m adding buy picks on the chart pick list and adjusting trailing stops to account for the risk.
These reports are not investment advice. They are for informational purposes, for a broad audience of investment and trading professionals, and other experienced investors and traders. Chart pick performance changes week to week and past performance may not indicate future results, as you know. Trading involves risk, and these reports assume that you understand those risks and manage them according to your tolerance.