Watching rest of day to see if we go above the HOD. If HOD holds, I’m leaning to downside and think we could be going into a wave 3 impulse wave. This supply zone aligns with the fib levels and also align with a wave count. Whether the wave count is accurate is always hard to tell as the market can throw some price swings to invalidate and go against wave theory rules.
I started a small short position and will watch rest of day to see what price does. If price re-enters supply zone, I’ll look to add to my short position. My stop loss for this is 291.50, as a break above that may show the market wants to get that gap fill up to 293 area. My price targets will be 283.26 then 280.50.
I started a small short position and will watch rest of day to see what price does. If price re-enters supply zone, I’ll look to add to my short position. My stop loss for this is 291.50, as a break above that may show the market wants to get that gap fill up to 293 area. My price targets will be 283.26 then 280.50.