Wednesday's rally did indeed hit resistance at the 2732 level and then pulled back some (green arrow). Enough for partial profits but nothing to write home about. The pullback was short-lived and continued strength on Thursday gave way to a significant breach of the 2732 level on Friday (red arrow). To me this means one of two things:
1) I have the wrong midpoint and the 2732 zone was not the right level to focus on for shorts
2) The midpoint was correct, the green arrow was all the correction we'll see, and the market will now continue pushing higher next week, possibly setting up a wave inversion where the upward wave will actually be about twice as big as the one I've been presenting.
At this point scenario 2 is favored. This could imply that the market sell-off of October is over and we will slowly resume the overall bull. I will remain flat until I see signs confirming either scenario and then reposition accordingly.
1) I have the wrong midpoint and the 2732 zone was not the right level to focus on for shorts
2) The midpoint was correct, the green arrow was all the correction we'll see, and the market will now continue pushing higher next week, possibly setting up a wave inversion where the upward wave will actually be about twice as big as the one I've been presenting.
At this point scenario 2 is favored. This could imply that the market sell-off of October is over and we will slowly resume the overall bull. I will remain flat until I see signs confirming either scenario and then reposition accordingly.
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。