ridethepig | Nasdaq

📍 This is another known position. Breakdown in 5 waves by testing 10,236; 9,548 and 8,859.

Double zig zag is purely a tactical weapon. It is terribly compelling; even the most sluggish of buyers will be trapped here - driven to cover after the latest breakdown.

We shall open the next chapter in US Equities with four simple charts:

Dow:

S&P500:

Russell:

📌 In the coming sessions we can open up the short-term charts and start adding some interesting positions to the portfolio.

Sellers last move has been interesting of course, not because of the breakdown but because of the blow off top and profit taking that has taken place since. The somewhat theatrical looking pullback is no less imaginative than the move we played together in German Equities (DAX) earlier in the year:

If 8,859 is reached then we have the potential for another waterfall. The final combination will depend on whether we get market closures. As usual thanks for keeping the feedback coming 👍 or 👎.