*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:
- The primary higher timeframe view remains unchanged. The alternate count to 4H supply is still available if needed, but at the moment the more direct sell is much more probable.
- Price was smacked down at the distal of 1H supply into the close. The structure of this bounce appears corrective, a WXY move. To further support the bearish case, the distal of 1H supply aligns perfectly with the 0.618 fib. I am on high watch for downside from here.
- $NQ also formed a WXY to supply, but in this case it was rejected by a 20m zone. This zone falls right within the golden fib zone (0.618-0.786). If the bears are going to take over this is an excellent spot to do so.
- Still monitoring $ARKK… the rejection this morning may still be part of the (D) wave in a developing triangle. Once again, I am not interested in trading this pattern, I am simply monitoring it for hints.
Setups:
- As noted previously, $ES has formed a 1-2 down from 6H supply, retraced to 1H supply and now formed a low timeframe reversal structure. The end of day sell-off formed a fresh 3m supply zone and a 15m FVG. All conditions are now met, I will be quick to pull the trigger on shorts in the 3855-65 range.
- As with $ES, $NQ has formed a low timeframe reversal structure from supply. There is a 15m FVG and a fresh 2m supply zone overhead. I would like to see today’s high hold and for this structure to kick off the larger move down to new monthly lows.
- Still monitoring $TSLA for a short opportunity. So far 90m supply has held up. If the indices begin their descent from here as expected, $TSLA will high on my watchlist for a short entry.
- This is something of a ‘backup setup’. If I am wrong and markets do not come down overnight, my attention will shift to this 2H supply zone on $AAPL. If price gets there I will be watching for a reversal back towards 128.