Morning Update: Rally is corrective
In the overnights as anticipated we have begun our rally. Last night we did tag the .618 at 3590.25 and have rallied since. I managed to get 1 contract long (20% Position Size) at 3592. My stop on that contract is 3599. I fully expected to be stopped out when I woke this morning and that was not the case. I have not added to my position as I believe there is still a high chance I am stopped out today. If I am not stopped out then I will stay with only 1 contract. If I am then my Friday stands to buy in the area of .768 or even as low as the 3530 level. We have to see if price is going straight to the 3750's or if it will be taking more time.
Updated plan below suggests we rally a little more before coming down further in the .786 or the 3530 before moving into our final area of 3759 for primary wave 4 o c of C of IV.
So far al we have is down and up corrective. I we can maintain positive divergence when we hit our ultimate target of 3290 then I will not count this as supercycle wave 4.
Best to all,
Chris
Updated plan below suggests we rally a little more before coming down further in the .786 or the 3530 before moving into our final area of 3759 for primary wave 4 o c of C of IV.
So far al we have is down and up corrective. I we can maintain positive divergence when we hit our ultimate target of 3290 then I will not count this as supercycle wave 4.
Best to all,
Chris
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