Today the Wednesday update focuses on the usual suspects and I speak a little about trading, setups and managing risk. Hopefully this answers the question asked in the comments section about setups.? Video is a little long as a result. Will split next time into two videos.
SPX – Hit the 5-1 target and has retraced, expecting a back test then lower to the monthly pivot. Bears in must perform mode here, they need to control the closes and push lower starting tomorrow. At 2083, look for support, if found, new highs coming. Bulls must find support, if not the squeeze higher is just a B wave and we have lower lows coming.
CL – Same count – 49.20-60 area still expected. Bears need to get it done quickly as time is running out. Next decision is higher in the 57 area to see if we find resistance there. If found, all time lows coming. Otherwise we see higher prices to 65-67 then all time lows.
DX – 98.245 held as resistance, downdraft has begun. Expecting a lower high tomorrow then we open up a test of 94.50ish. A back test higher from there then 90.72 first target. Keep in mind back test means 50% or so pullback.
GC – In a 4th wave here to 1127ish – as high as 1136 – from that area then lower to 1065. Decent retrace from there then lower again. Cycle chart says we have only a few days left in the low window.
I spoke a little on trading setups and on managing risk. I will only cover trading questions when asked and? will primarily focus on TA in these posts. If you want more on trading setups and managing risk, ask and I will include more in a separate video.
Good luck the rest of this week. 🙂