Wow , what a exciting day yesterday ,, markets first gapped down and then rallied to near green, for thereafter to take a plunge into close and close RIGHT AT lower trendline support in the triangle.... amazing how those MM's can turn the markets upsiden down in a few hours.
Overall I remain still bullish , the same patterns I saw is there and they should be playing out, I think we touched this trendline before the big bounce and breakout - time will tell us...
The russell index rallied to touch the UPPER trendline at 748-750 to the perfect zone , then retraced down too ,, I think RUT will breakout to the upside in the near future after markets tested support.
As long SPX holds above 1230 (as confirmation) I remain long this mkts as I think we will breakout and NOT breakdown, I think yesterdays move was a classic bear trap , a fast flush down to make everyone bearish, time will tell.
Conclusion:
I remain long SWING trade TNA 45.5$ still in little profits but holding all ,, and then I'm long lots of good looking small caps , yesterday I banked 10-15% in CEDC , but it went up 25% yesterday so missed a bit , but huge gains in a few gains. We make a killing in those small caps looking very good if you wanna trade some small caps before they take us , join us in www.nwatrading.com I give the alerts in chat room , with when to buy , stop loss and everything.
So for today I'm hoping the SPX 1230 is going to hold , and I would be happy to see a very nice bounce/rally starting from today.
Gotta say Im on the opposite side of this trade....which makes me nervous given your great calls ! I wont say good luck bud !
ReplyDeleteOn you triangle theory, why not wait for it to hit the support area or wait for ti to breakout versus taking the risk in the middle?
ReplyDeleteMay not have been a triangle after all.
ReplyDelete