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Within the framework of an initial diagonal, I'm looking for a short in wave 4.
Today, the final US GDP data for Q2 was released. The US economy grew by 3.0% year-over-year in Q2 2024, in line with the second estimate and above the revised 1.6% growth in Q1. This is a significant positive for the markets, as the main fear for investors right now is a recession. Therefore, any signs of economic resilience are seen as very positive.
Risk assets rallied both before and immediately after the macro data release, but in the coming hours, we might see a "sell the fact" reaction.
However, I believe this is a temporary phenomenon, likely aimed at pulling more short-term players into short positions, only to fuel a new upward impulse later.
Today, the final US GDP data for Q2 was released. The US economy grew by 3.0% year-over-year in Q2 2024, in line with the second estimate and above the revised 1.6% growth in Q1. This is a significant positive for the markets, as the main fear for investors right now is a recession. Therefore, any signs of economic resilience are seen as very positive.
Risk assets rallied both before and immediately after the macro data release, but in the coming hours, we might see a "sell the fact" reaction.
However, I believe this is a temporary phenomenon, likely aimed at pulling more short-term players into short positions, only to fuel a new upward impulse later.
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