Today we had a counter rally that so far is forming a potential bearish Head and Shoulders. However, looking at the wave structure it's not clear to me if the W5 ended after hours yesterday or we are currently on a W4 with the W5 coming to test 1200. So not sure if we will see 1250 first or 1200 at this moment. Whatever the case, the game plan is to go short in the 1250's and use the 200 day MA as stop. I think it's unlikely we will revisit 1292 at this point due to how overbought we were last week but it all depends on whether the 200 day MA can be re-taken.
And btw the TA has a confirmed bearish today with 1246 as the pivot. Total gain by going with this signal has been +27.25% since July 28th vs -7.3 for the SP500.
No comments:
Post a Comment