Sold off into demand today but ultimately held an important level at 271. I liked the price action today consolidating in this demand zone and I still think we can push up to complete the overall structure of this relief rally.
Tomorrow I will be watching where we open. If we bid up at open, I will watch the 275 level; if we bid up and consolidate around 275, I will look for a retrace back to demand and for it to make a higher low. If this is the case, I think this will confirm that we can be in a wave 3 up (green numbers). A retrace can represent a 1 - 2 wave for the 5 micro waves that make up wave 3 (micro waves in yellow).
If we open down and make a lower low, the key price is 271 that needs to hold. Below this and we can see some downside action quick, likely invalidating this count. Again, this is why I wait for the set ups to establish first rather then trade assuming for the set up. If we break down, I think 265 is next level (268; 265; 260).
Game Plan: we hold and bid up at open, will trade based on this count. We open lower, going to sit and watch to see potential pivot.
Tomorrow I will be watching where we open. If we bid up at open, I will watch the 275 level; if we bid up and consolidate around 275, I will look for a retrace back to demand and for it to make a higher low. If this is the case, I think this will confirm that we can be in a wave 3 up (green numbers). A retrace can represent a 1 - 2 wave for the 5 micro waves that make up wave 3 (micro waves in yellow).
If we open down and make a lower low, the key price is 271 that needs to hold. Below this and we can see some downside action quick, likely invalidating this count. Again, this is why I wait for the set ups to establish first rather then trade assuming for the set up. If we break down, I think 265 is next level (268; 265; 260).
Game Plan: we hold and bid up at open, will trade based on this count. We open lower, going to sit and watch to see potential pivot.
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