*disclaimer: Not financial advice. This is my personal trade plan only. I am not qualified or licensed to advise anyone on their specific positions or trades, I am sharing my personal opinions only. Never make financial decisions based on any information on this site or any associated platforms. Always consult a professional for investment related advice and do your due diligence*
Overview:
- These are some impressive extensions we are seeing across the indices. Nothing significant has changed in structure other than wave extension. Wave 4’s are still expected on $ES and $NQ with a lower degree 2 on $RTY. I did, however, modify the degree on $ES slightly to better fit with $NQ. This extension indicates a higher degree 3 and clears up the ‘vagueness of degree’ I mentioned in previous updates. While I still do expect a mild pullback soon, trying to time the end of these monster waves has been a fools game (I’m the fool in this case). From here I will wait for the trend to break; and until then I will remain focused on longs (still properly hedged of course). More details below
Setups:
- Setup: A,B
- Confluence: Bull flag, Fib zone, Demand zone (2m)
- Trigger: 30m Reversal from Fib + Demand zone
- Conditions: Must bounce before $89
- Setup: 1,2-1,2
- Confluence: N/A — Will look for LTF divergences as w2 develops
- Trigger: 4H Reversal from fib zone
- Conditions: Must be corrective down and hold > $43
- Setup: W4 Bounce
- Confluence: Fibs + Demand
- Trigger: 1H Reversal from Demand
- Conditions: Must hold >210