This morning as we were headed towards the lows I decided to close all my short call positions and go flat. Am I bullish? No Am I bearish? No. The uncertainty, with so many counts on the chart, some of which we were coming into the target box, caused me to go flat. I share this with you because as you analyze markets, I want you to trust your intuition. Most of all, when you can look as a chart and say, I'm unclear on the direction....get flat.
I'm still flat as of writing this update.
I mentioned in an update earlier that when price breaches 4055, we're going to 4300. I want to add 1 small caveat. The big red trendline. I want to see price breach 4055 and the red line.
Let me explain, when I get into the 3 min fractals this looks like an ABC a-wave off the lows of today. I know it looks impulsive but with the price action I have now it looks like a 5, 3, 5 right into the 1.0.
Therefore I'm still torn between purple and black. #PRICEPROVEIT
Best to all,
Chris
I'm still flat as of writing this update.
I mentioned in an update earlier that when price breaches 4055, we're going to 4300. I want to add 1 small caveat. The big red trendline. I want to see price breach 4055 and the red line.
Let me explain, when I get into the 3 min fractals this looks like an ABC a-wave off the lows of today. I know it looks impulsive but with the price action I have now it looks like a 5, 3, 5 right into the 1.0.
Therefore I'm still torn between purple and black. #PRICEPROVEIT
Best to all,
Chris
Anmerkung
Also the P/C ratio is 1.25. This means fewer than normal traders are prepared for downside. 2.0 I would consider traders prepared.
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Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.