*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 back and forth action helps confirm the main counts presented last night. The alternates are technically still possible, but at the moment I consider this path most probable. I am looking for a move higher into tomorrow where I will be looking for a short entry. If I’m wrong, I expect to be wrong to the downside – with (x) already complete. I would be quite surprised to see a close above 4450.
- In line with $ES, looking for a rejection just shy of the .618
- $NQ has made a new low but $ES and $YM have not. Zooming out, $YM appears close to finding a key low. There is confluence around 32.5k, I will be watching this area for a reversal across the board.
Setups:
Elliott Wave Setups:
- Setup: Type C
- Confluence: Supply
- Trigger: LTF 1,2 out of supply
- Conditions: Must form a 1,2 reversal down from supply
- Notes: I will be looking to flip long once $49 is reached
- Setup: Type B
- Confluence: 3H Supply, Wedge break
- Trigger: 1H Reversal from fib/supply zone
- Conditions: Reversal must be impulsive down
- Notes: I am still holding part of the short from last week – I will be looking to add back the trimmed portion on this setup
- Following up on this developing setup – So far, no bullish reversal. In order to take this trade I’ll need to see an impulse from the 337-340 range followed by a corrective pullback. A close below $337 would cause me to lose interest in this setup.
Day Trade Setups:
- Type 2 Setup – Bullish exhaustion – Bearish Algo Divergence – PMG – Must open within today’s range.