If we completed the B wave up, a C wave down should commence starting today. C waves are notorious for their characteristic buying or selling pressure, panic or fomo at it's peak. A good example was the covid sell off in Feb - March 2020.
This is only one possibility. I'll post more as time goes by and see see how price looks.
Either way I believe we will have a sell off for Friday the 13th and into earnings. If they do rally and get over the 200ma today or next week it would be more bullish. As of now they stopped at the 200ma/upper BB and it should not be revisited anytime soon if the bearish case plays out.
This is only one possibility. I'll post more as time goes by and see see how price looks.
Either way I believe we will have a sell off for Friday the 13th and into earnings. If they do rally and get over the 200ma today or next week it would be more bullish. As of now they stopped at the 200ma/upper BB and it should not be revisited anytime soon if the bearish case plays out.
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from Jan 5th - i does seem like an A and B wave has completed. www.tradingview.com/...ook-like-a-triangle/
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on spy if they can get over the blue line we are probably going to make one more high to complete the B
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on the 30minute charts the rsi is already quite low, it would not surprise me to have one more move up like so -
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futures trying to take out the trendline to go higher. no idea if they will do it.
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ps its an objective short, but please use stops in case they go higher
