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Time for a bounce...


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#11 fib_1618

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Posted 14 February 2018 - 01:46 PM

 

 

What's your target for the bounce? 

 

 

How high and for how many days is anyone’s guess but a bounce is what to look for, and, as they say, if one sees what one is looking for, jump all over it.

 

 

Partial from this past weekend's Weekly Breadth Data update:

 

"The current .382 Fibonacci retracement level for the daily SPX is at 2692 (which is also the top of the previous Elliott 4th wave at 2695 on a closing basis), with the next level of .618 resistance coming in at 2761 (which is the mid point of the Elliott 3rd wave crash sequence before and after February 5th). Because of this then, let's look for Friday's rally to continue into next week to challenge the 2692 level by Friday's OPEX, with the following week setting up for some backing and filling before another rally is seen into the 1st week of March."

 

Fib

 

 

1st target met...time for a pause?

 

Fib


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#12 diogenes227

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Posted 14 February 2018 - 01:59 PM

I have the NYMO coming into the zero line on TradeStation so I suppose this would be a good time for a pause. 

 

I have a lot of stuff up four days in a row but, remarkably, not quite overbought yet so I suppose there's still room to move up some more.  Maybe to your second target by Friday?

 

Holy cow!

'

Regardless, it is time to tighten stops.


Edited by diogenes227, 14 February 2018 - 02:00 PM.

"If you've heard this story before, don't stop me because I'd like to hear it again," Groucho Marx (on market history?).

“I've learned in options trading simple is best and the obvious is often the most elusive to recognize.”

 

"The god of trading rewards persistence, experience and discipline, and absolutely nothing else."