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A negative day! GS must have taken their traders out on the corporate yacht or something. We had a 13.25 range today, while volume came in heavier than the three previous up days. We actually made a new bear rally high at 956.75, but they couldn't hang on to the gains.The structure and subwaves continue to be difficult to discern. They are choppy and overlapping with an intermittent wave that has zero retrace.
It appears that we may have had a triangle today, however, it was not the one that I was looking at, which was bigger in scope. The best count I can come up with is that we have completed the A and B legs of a fairly good sized expanding flat. If this is correct, we would currently be working on C down. There are certainly other possibilities. Maybe it's a big ending diagonal?
Once the flat completes this could finish 4 (white) if both time and price are satisfied. Targets are shown on the chart. The 127.2% sits at 935.50, which is fairly close to the 23.6% retracement of the entire 3rd wave.
This is a nice picture of how the bigs started unloading at the highs. Notice also that they really threw them away in the last 15 minutes of trade.
Here is a nice Bearish Butterfly that completed at the highs. It was not perfect by any means, but highly effective.
so did u take a look at my chart?
ReplyDeleteSure enough. I have to tell you Feng, you make it difficult to read. It appears that you place labels beside candles. If I'm reading it correctly.
ReplyDeleteGood practice would be to place your labels on the top of the candles or underneath.
What structure are you counting with the abcde labels?
yea sry about messy labelling...trust me it's even harder to read when it's on the candles. i will figure something out for the future though.
ReplyDeletethe abcde is the triangle and so this would fulfill the 3-3-5 discussed yesterday.
basically im saying its zigzag, X, zigzag, X, triangle as our major retracement and whatever it is we are on now could be wave 1 downwards.