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any time revisiting the previous extreme, there's a chance of reversal, so wait.noob wrote:Cobra, seems like a bear flag on the 5 mins chart.
English pleaseTradingJackal wrote:ClarkW, DDD set the 35.37 low today a open to finish a 5 wave down. This should be the A down.
I see, makes sense based on your updates. Thanks TradingJackal! Great stuff!TradingJackal wrote:ClarkW, DDD set the 35.37 low today a open to finish a 5 wave down. This is 127.2 target and 32.80 should be 161.8 extension. This should be the A down.
TradersF wrote:This is what i see.
With triple witching tomorrow though, this market could dip down then close back up for yet another nothing day.
The fed last week and triple witching this week is really playing havoc with my system trading.
It's very close to giving a sell on TZA and a buy on TNA.
Looking forward to 'normal' trading again next week
Futures are pointing in the right direction though.
Pre-market has TZA @ 14.22
DDD is most likely putting in a zig zag (5-3-5) move down. A should be done at 35.30s or will soon be at 32.80s. Then a retrace up in B. 32.80 has a better chance because it is 423.6 fib extension of wave 1 down. When two fibs meet, the probability increases of becoming a turning point.ClarkW wrote:English pleaseTradingJackal wrote:ClarkW, DDD set the 35.37 low today a open to finish a 5 wave down. This should be the A down.
Thanks again TradingJackal for taking the time to provide a thorough explanation! Always respect your opinionTradingJackal wrote:DDD is most likely putting in a zig zag (5-3-5) move down. A should be done at 35.30s or will soon be at 32.80s. Then a retrace up in B. 32.80 has a better chance because it is 423.6 fib extension of wave 1 down. When two fibs meet, the probability increases of becoming a turning point.ClarkW wrote:English pleaseTradingJackal wrote:ClarkW, DDD set the 35.37 low today a open to finish a 5 wave down. This should be the A down.
Petsamo wrote:We can't possibly have an all-day sell off