Members’ Newsletter 4/20

*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*

Hello everyone! The complexity continues as markets found volatility in both directions today. There are a few adjustments to the wave counts today as price action remains particularly tricky, but the general expectation remains the same. I still expect higher prices to follow, how it gets there is the big question. Let’s dive in.

HTF Context:

$ES 1W

$NQ 1W

  • No changes

Mid Term Outlook:

$ES 1D

$NQ 1D

  • My mid term outlook remains mostly unchanged. My targets remain the same, however, today’s action leads me to believe the ((x)) waves are still in progress. The bulls have had multiple chances to send the indices higher but have failed to escape this sideways April range, suggesting the correction from the April highs is incomplete.

Short Term Outlook:

$ES 2H

$NQ 2H

  • A few weeks ago I referenced the possibility of a correction that is shallow in price and longer in time… This range has obviously been much more complex and taken much longer than I expected, but the shallow and prolonged nature of this correction is noteworthy. The structure and character of this move suggests a pair of triangles – regular on $NQ, barrier on $ES. If the next move is another corrective rally, the triangles will essentially be confirmed. Until we break out of this structure, I will remain patient and selective… (and try not to throw my computer through a wall during the mind numbing chop).

$ES 2H Alternate

$NQ 2H Alternate

  • If demand fails to hold, the alternates discussed at the beginning of the week come back in play for a sweep of the April lows.
  • In either case I believe the action will remain choppy for just a bit longer, but price expansion remains on the horizon. My aim is to remain patient and prepared to take advantage of the larger move when it finally arrives (in the year 2075).

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