Yesterday was tough. Burnt quite some cash trying to catch falling knives. Lesson - if the market gaps against you - get out and wait! Gaps are rarely closed within one trading session.
Today I am bullish again despite I still hold some shorts from yesterday. The structure now looks like a proper ABC flat formation in the making. It means a strong, unexpected rally is due today which will knock out bears and make everyone bullish again before the price finally collapses towards the end of the summer.
Despite I am scared and unnerved by yesterdays move (I did not expect that - more room for scenario planning) I have to go long as my count commands.
To mitigate the risk and respect another possibility I made an alternative count in pink. I do not like it because wave c is out of proportion and it does not look and feels right.
Today I am bullish again despite I still hold some shorts from yesterday. The structure now looks like a proper ABC flat formation in the making. It means a strong, unexpected rally is due today which will knock out bears and make everyone bullish again before the price finally collapses towards the end of the summer.
Despite I am scared and unnerved by yesterdays move (I did not expect that - more room for scenario planning) I have to go long as my count commands.
To mitigate the risk and respect another possibility I made an alternative count in pink. I do not like it because wave c is out of proportion and it does not look and feels right.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.