*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*
Today started with some excitement but quickly slipped back into the same dull chop we saw yesterday. Once again, today’s action had a minimal effect on the wave counts. I will be watching for opportunities tomorrow morning, but as usual I will not be trading during FOMC from 2-3pm EST. Make sure to manage risk through tomorrow’s meeting as these events are wildly volatile and unpredictable.
- No changes.
- Bulls found a rally overnight from the $ES 1H demand zone but were promptly stuffed at the cash open. The morning selloff sent price down towards the 20m demand zones discussed yesterday – these continue to be areas of interest. I am still looking for these lower degree B waves to complete shortly and produce the final leg of this corrective bounce.
- The indices closed near 20m demand, setting up a potential overnight rally. I am on watch for a reversal from here and will look for long entries if the reversal indeed develops.
- Tesla showed some strength early today with a gap up, but this wasn’t quite enough to get to the 2D supply zone above. I am looking for one final push along with the indices to get into this key area.
- Continuing with the ‘one more push’ theme, $PLTR came just shy of the 0.5 fib today. The 2D supply zone at the 0.618 will have my full attention if/when price gets there.
- Gold rallied impulsively this morning from 20m demand following what appears to be a complete expanded flat structure. I will be looking for long opportunities from the 0.618 + fresh 90m demand zone below.