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Risk Window for Week of May 8th and Stuck in the Middle


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#1 Douglas

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Posted 06 May 2023 - 08:40 AM

According to my risk summation system, the risk window for this coming week stretches from about noon on Tuesday May 9th to until about noon on Thursday May 11th.  A bit wide, but it is what it is.

 

Last week the Monday the 1st risk window tagged a nice high and the Wednesday to Thursday morning risk window caught a "C" wave smash and a nice low.  All in all  a good week for the system.

V0MWQzD.jpeg

 

My primary EWave count in the first plot below assumes that the recent correction into Thursday morning finished a "b" of a "B" wave with the "c" wave up to finish the "B" wave now underway.  If the red line in the sand below is broken, the primary count is toast.  

 

Primary:

X8ktQYa.jpg

My alternate count in the plot below assumes that the "B" wave finished this past Monday and that the "C" wave smash sell off is underway.  The "c" of the "B" in this count looks a bit puny, that's why it's the alternate count, but I'm going to let price make the call.  If the green line is broken, this alternate count is probably toast.  Here I sit stuck in the middle waiting on a sign as to whether I'm a bear or a bull.  Given a three of some degree should be underway, I shouldn't have long to roost on this fence. 

 

Alternate:

MXhLm2f.jpg

 

Regards,

Douglas



#2 Douglas

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Posted 08 May 2023 - 12:57 PM

Perusing the charts this morning I noticed the interesting rising wedge in the QQQ shown below.  As a certified sucker for symmetry, I can't pass up a beauty like this, especially now that time is starting to run out for the pattern.  Break the green and run, break the red and plunge, or the pattern fails and it just lays there like a lox.  At least we won't have long to wait to see given how tight the wedge is getting.  

 

Ojvsnyk.jpg

 

Regards,

Douglas



#3 SteveB

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Posted 08 May 2023 - 09:52 PM

Nice chart Douglas. I also saw the wedge but didnt notice the volume divergence. We shall soon see if thats relevant or not. Appreciate your contributions here.