*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:
What a wild day! Huge gap down followed by a face ripping rally from some KEY zones. This is exactly what bulls wanted to see. Now, it is too early to claim with any certainty that the lows are in… But for the first time in February, there’s a solid chance. The structure over the next few days will be key — bulls want to see this bounce complete as impulse waves followed by corrective pullbacks (higher lows). If I had to guess, I’d say the lows are in… but until I see confirmation it is all speculation.
- Downside targets were taken out and a massive rally followed. From here I am evaluating structure to determine if this will be a significant low.
- The bulls want to see a structure such as this – a complete impulse up followed by a corrective pullback. It likely won’t be as perfect as this, but generally speaking this is the bullish confirmation structure. This applies to all 4 indices.
- $NQ found a massive rally from daily demand, printed 45m demand and has completed a full corrective structure. I’m watching for confirmation of a low
- As mentioned yesterday, the bounce around 32.3k is a big hint that the low could be in. I will continue watching for further hints.
- Major bounce from the wC fib zone. Possible expanded flat complete.
Setups:
- Please take a moment to review my trading strategies outline to better understand my setups
Elliott Wave Setups
- Setup: Type A
- Confluence: 3H supply within Daily supply
- Trigger: LTF 1,2 down
- Conditions: Must form impulsive 1,2 down from supply
- Setup: Type C
- Confluence: 1H Demand, HTF wedge, bullish divergence
- Trigger: 1H Reversal from demand and/or fib retracement
- Conditions: Must complete an impulse up on the 1H & pullback correctively. Requires indices to confirm the lows
- Setup: Type C
- Confluence: Demand
- Trigger: 1H Reversal from fib/demand zones
- Conditions: Must complete the impulse above $120 and pull back correctively. Requires indices to confirm the bull counts
- Developing setup – looking for $90 to be taken out followed by a corrective bounce to supply
Day Trade Setups:
- Type 2 Setup – Downside exhaustion + bullish algo divergence – Stops will be trailed on 1H – Must open within today’s range
- Type 2 Setup – Downside exhaustion + bullish algo divergence – Stops will be trailed on 1H – Must open within today’s range
- Type 2 Setup – Downside exhaustion + bullish algo divergence – Stops will be trailed on 1H – Must open within today’s range