BEAR TRAP OR BULL TRAP?
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Is the market breaking out or still correcting? I can make a case for 5 waves up from March with a correction that potentially started in September. This could also be the start of wave #5 which puts price a good bit higher. I cannot determine that yet- price would need to drop hard very soon to convince me of a continued correction. There's just one red flag on this chart worth watching. The heavy pink line is the put:call ratio average. It is potentially reversing which could signal a trend change in price. As price moves up, the ratio drops. As price moves down, the ratio increases. This provides an excellent gauge for true sentiment. Tracking the price direction, volume , and the put/call average can really help identify where the masses are throwing their money. Always being contrary isn't wise but there is a time & place for it if you know how to identify a change in the wind... one way is to wait for the wind to change!
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Here's the same idea on larger renko with less noise on the chart. It's unlikely to a simple abc correction and that's assuming that it's already in a correction. Anmerkung
Can she roll over? Anmerkung
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this is what I want to see- if the put/call avg can make a higher low.. Anmerkung
put to call turning here? This zone appears to be gaining some traction which could signal increase in puts:calls (market moving down). Anmerkung
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B.I.N.G.O Anmerkung
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