15.27. Hope I am right this time. Will keep it on a short leash. 15.57 resistance16.00 might be it for the move. We'll see. If it gets thru 16 she's going somewhere good.
I'm just dipping a toe in here. Testing the water.
Morning Post 05/17/2024 SPX
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X is lit up this morning raging against the system.
Good v evil
On to the lie -
Minis flat. Struggling with double top resistance. At this point STB ...
15 hours ago
Well that was a nice wave. Just got out of a meeting. Can't believe my eyes!! Shanky was that an impulse down? Hope this isn't 4 of c.
ReplyDeleteLooking at possibility of a 4. Just dipping toe in water. Keeping one eye on big picture. Things have been really quiet for a few days and they may be trying to sneak one past us. We'll just have to wait be patient and see.
ReplyDeleteHell even pretcher says always count as three is extending until your count violates the 4 to 1 overlap then u know a three is in and not extending.
ReplyDeleteYou still in at 15.27?
ReplyDeleteDon't know if you've seen the article, but I sent it to your email address on 401k's.. (from investors.com)
ReplyDeleteFWIW, I've looked at the 1 min.. my vote is that there was a 3 off the high.. (I only see 3 based on the 1 min and a 5 is stretching it.. ) we may be in wave 4 of c.
ReplyDeleteThe only questionable thing is this damn triangle that seems to be forming towards the end of the day..
Maybe it was an impulse 1 and 2 is in a b triangle although the fibs are way off..
Tough call on the form. I thought about getting out. I counted it nicely to what I thought would be 15.75 and then it all fell apart (imagine that?). I'm holding in hopes that the turn is in. If not, I'll exit and try again. If I had gone balls deep I would have made the exit and taken some good coin.
ReplyDeleteWell all things said, I'm nervous about the count on the SPX.. I mean come on.. the 1 min chart shows a clear 3 wave drop, then an impulse to a potential triangle.. (gotta look close). I'm a fucked up no stop set short from a while back, and I'm about to take a 30% loss and sell all the long inverse ETFs I own.. ya don't even want to know what my buy price was, but I was an uber bear and took some uber bear stake in the market. Hindsight: You always learn from your biggest lost! Your mama can tell you the stove is hot, but you don't learn until you touch it.. I have many years to play this market and my stop is at 1150 (SnP).
ReplyDeleteLearn to play with a set strategy. Set a 5% loss rate. If your trade gets to a 5% loss you made a shitty trade and should have exited. I tolerate up to 3% max (and rarely get over 2%) I hate to lose $$. Live to fight another day.
ReplyDeleteLike I said.. Grill is hot.. I used to set stop losses at 8% cause I could deal.. Then got on the EWT shit hoping for that past 61.8 correction. I have nobody to blame but myself. Tight stops from now on. If we break 1150 on the SnP then I've got some serious short term losses, and I mean serious. I'm not that old (31) but a 40k loss is alot for a guy my age!
ReplyDelete