*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 evening everyone! Coming into today, the bulls were tasked with holding above some key demand/fib levels. Buyers overachieved by putting in a massive rally without even using the demand below. The advantage remains with the bulls in the short/mid term, but this northern outlook is not without caution. Let’s get into the charts!
- HTF outlook unchanged. I must say, I am quite excited for the swing opportunities that could set up from Daily Supply.
- My primary count is also unchanged. The bulls have held the low so far and this appears to be building as a corrective move towards supply. So far things are tracking nicely, but I will continue to monitor structure with caution as it develops.
- Today’s strength was a great win for the bulls as Friday’s low was likely the end of a ‘B-Wave’ (it could also be a w2 but that’s irrelevant for now). The 1.0 wave-C extensions give some high quality upside targets in the short term. For $ES this targets the recent high, for $NQ 2H supply. The 1H demand zones below will be on watch for long opportunities.
- While leaning bullish, I will exercise a bit of caution at the areas just above Friday’s high (circled in blue), as a sharp and impulsive move down from there would bring the alt into play… I don’t find this likely, but I would be a fool to pretend that there is no chance of this occurring.
- A short term setup I’m watching… $GC found an impulsive move down from 30m supply, I am now on watch for a corrective move back into new 30m supply.
- If the bulls continue to hold the advantage as expected, I will be looking at 30m supply around $125 as a short term target on $NVDA.
- HTF Update — In line with the indices. I will be looking for long opportunities towards $130 and swing short opportunities from there, assuming the indices cooperate.