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It will be interesting to see what coolbiz1 ultimately did here. He removed the 2999.25 stop on his long at 3004. I have never seen him do that before.
Today's LOD will mark an important line for me going forward, this is the first sell that throw everything into bearish mode. Whatever the LOD be, those will be import line for Trend Pivot that could last in one direction for weeks.
My comments are for entertainment/educational purpose only. NOT a trade advice.
I can tell when it is a big day because I have to make the third Keltner band visible. That is 4.236 times the plus and minus 20 atr from the 21 EMA center line.
So Coolbiz is counting waves and looking at the rule book-
$SPX we had a Bearish Wave Structure earlier in August below, a few weeks back where 3027.98 was the peak of the market, 2822.12 was a Wave(1) low and the recent high at 3021.91 is the Wave (2) high, still valid as it never exceeded the ATH at 3027.98. This is TBD later today.
This will be updated later as SPX took out most of the recent lows. It this plays out expect a deep correction, must take out 2729 to reach near DEC. lows.TBD
If I may add from my beginners knowledge of wave counting he is implying that we are in wave three which is never the smallest. Certainly this drop is impulsive and big and of course volume picked up. So he is looking for something below 2822 in a five wave pattern. I think the risk to the count is that back in the day M<icrosoft did not throw 40 billion into the market when ever it started a serious drop. So we will see if Tim Cook and friends stop this before it gets out of hand.
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until decisive new day low, anytime a sharp rebound then the low probably is in for today. key time.
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Chart for the road: this week is short trading week for me, nature calls, time to enjoy the wilderness, I might trade early tomorrow morning?. see note on chart, gap support is almost a guaranteed to revisit this time. Peace!
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My comments are for entertainment/educational purpose only. NOT a trade advice.