*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*
Good afternoon everyone! Price rallied from the overnight lows and found continuation throughout today’s session. This alone is not shocking as a bounce was due – however, I want to take a closer look into HOW this move developed. Lots to discuss today, let’s dive right in:
- The lower timeframes have shifted slightly, but the HTF outlook remains the same.
- Today’s structure hints that we are still in w(4) of 3 with a larger and more complex flat correction. This could develop as either a running flat (orange) or expanded flat (blue). Essentially, w(4) is just eating up time as this move has been going on for nearly a week. Once w(4) and (5) complete, we can finally look for the higher degree w4 bounce into supply.
- So… why do I suspect this is still part of a w(4) flat?… STRUCTURE. The move down from Wednesday’s high is a 3-wave structure, which does NOT fit the requirements for a wave (5). This all suggests one more sweep of the lows before this leg down truly ends.
- $ARKK appears well aligned with the indices I am looking for a flat (4) here as well.
- Once the indices finally do get the larger degree w4 bounce, I will be watching $AMZN, $TSLA and $GOOG for swing short opportunities. All 3 are nicely aligned with each other and with the indices which adds confidence to the counts.
- Oil rallied into 8H supply and rejected sharply from the distal. If today’s high holds, a run back to the low at $76 is in play.