Morning Update: Benefit of the Doubt to BLACK
Mis à jour
I've discussed in the past about technicians and elliotitions getting married to analysis. This is easy to do even for the most experienced analysts. Just the psychology of bottoming and topping turning points Elliott mused that at turning points, traders can't let go of their attachments to the previous trend and before they realize that trend ended, the new trend is well on it's way.
Price has been stubborn to retrace any of it's hard fought gains since the October bottom. Therefore I have to give my black count the benefit of the doubt. In the black count we may move as high as 4080-4090 for i of 3. Purple & Green have little room if any to rally before we retrace hard...but what is actionable trading information is in either case we should expect a retrace of some proportion. Purple and Green counts require a C wave to complete these patterns. C wave can be swift so we look to the structure to determine what count we're in. Purple can complete anywhere in the gray target box...but below 3840 which would be a flat, I have to adopt Green as my primary. Green supposes we're headed to mid 3700 to high 3600's. Now that I have given you the parameters, and I've stated I am giving the black count the benefit of the doubt...we watch to see what unfolds over the course of the next week.
If we get up into the 4080-4090 area I will reopen a Jan EOM 4125-4150 short call position. If we immediately retrace (as in purple/green), I plan to do nothing until I can ascertain a bottoming pattern. I do not believe that will occur in the next couple days.
Best to all,
Chris
Price has been stubborn to retrace any of it's hard fought gains since the October bottom. Therefore I have to give my black count the benefit of the doubt. In the black count we may move as high as 4080-4090 for i of 3. Purple & Green have little room if any to rally before we retrace hard...but what is actionable trading information is in either case we should expect a retrace of some proportion. Purple and Green counts require a C wave to complete these patterns. C wave can be swift so we look to the structure to determine what count we're in. Purple can complete anywhere in the gray target box...but below 3840 which would be a flat, I have to adopt Green as my primary. Green supposes we're headed to mid 3700 to high 3600's. Now that I have given you the parameters, and I've stated I am giving the black count the benefit of the doubt...we watch to see what unfolds over the course of the next week.
If we get up into the 4080-4090 area I will reopen a Jan EOM 4125-4150 short call position. If we immediately retrace (as in purple/green), I plan to do nothing until I can ascertain a bottoming pattern. I do not believe that will occur in the next couple days.
Best to all,
Chris
Commentaire
BELOW 4,000 AND MY PRIMARY SHIFTS TO GREEN...PURPLE AS AN ALTERNATIVE
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