*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:
- No changes to my expectations for this week. Price has pulled back to 4H demand, I will be looking for a reversal from here back towards 4H supply.
- 20m supply formed on the move down today. The ideal scenario would be a bounce to use up 20m supply before heading deeper into demand to set up the reversal.
- Rejection at resistance, price now arriving at 4H demand. On watch for a reversal in this zone.
- As with $ES, $NQ formed 20m supply on today’s move down. I’d like to see this zone used before heading deeper into demand. It will be difficult to long until this supply zone is either used or taken out.
- $YM has the same structure as the other indices, but 4H demand is lower in comparison. This suggests that $ES/$NQ may head towards the distal of demand to allow $YM to reach the .618 + 4H demand.
- As usual, $ARKK is acting as the ‘canary in the coal mine’. The rejection from the .618 fib is a bit ominous, and price is still coming from 4H supply. If the weakness continues from $ARKK, we may see the bulls fail elsewhere as well. If things end up getting ugly sooner than expected, I will shift my focus to the growth sector for short opportunities.
- The triangle B-wave is setting up nicely. I will be closely watching the arrival and reaction from this fib zone.
- The flat correction from the 2020 highs has shaped up nicely. I am looking for AT LEAST 1673 to get taken out. There is a 3H supply zone overhead that has my interest – a corrective arrival and proper reaction would have me short.
- If/when indices reach and reject from HTF overhead supply I will be watching $ENPH for a similar rejection. The move off of the January low has been corrective in structure suggesting a strong move lower to follow.