*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:
Today’s action puts us into a key range for a potential bottom. I will be watching carefully for signs of a reversal over the next few days.
- The w4 bounce today was one degree higher than expected, leading to a wave 5 that was a bit longer than expected. There’s no guarantee that it’s complete yet, but I am looking for a reversal from this zone.
- Yesterday I mentioned that $RTY appeared to be one wave behind, which was odd because it is usually one wave ahead… Today showed us that $RTY was indeed ahead as the bounce on $ES and $NQ was one degree higher than expected. I will be watching $RTY for relative strength as a possible leading indicator.
- $ARKK closed green today, showing some slight relative strength. It is below channel support and (still) needs a bounce very soon
- $AAPL is entering a key fib zone. A bounce from here would likely correlate with a reversal in the indices. Failure to bounce here would be a red flag
- Similar to $AAPL, $MSFT will be a major part of the reversal. A bounce here is key, failure to bounce would be a red flag.
Setups:
Elliott Wave Setups:
- I am watching several long setups as they develop, but very few are ready yet. I will be watching for reversals from these key areas over the next week. If/when this reversal occurs there should be several long opportunities. These will be outlined in greater detail in this weekend’s prep.
- Given that tomorrow is OPEX and markets are still shaky, I will be extra cautious. I am watching a few setups, but my priority will be to evaluate the indices and prepare for the next major move.
$6B (British Pound Futures) Short
- Setup: Type A
- Confluence: Supply/Trendline
- Trigger: 15m Rejection from fib zone
- Conditions: Move up must be corrective, Wave 1 must not break the swing low (1.3568)
- Setup: Type A
- Confluence: Hidden Bullish Divergence
- Trigger: 2H Reversal from fib zone
- Conditions: Indices must be showing signs of reversal. Ideally $LCID gaps down into the zone and reverses red to green
- Setup: Type C
- Confluence: Bear flag
- Trigger: 1H Rejection from fib zone
- Conditions: Move into the zone must be corrective
Day Trade Setups:
- Setup: Type 3
- Confluence: Bearish Algo divergence
- Trigger: Break of 130.68
- Setup: Type 2
- Confluence: Bearish Algo Divergence
- Trigger: Break below 66.03