4165 must hold!
The markets are taking a beating. And the feeling is everything is falling. That sounds good to me. I believe the bottom is in for now.
Technically, this look like the completion of the 'incomplete pattern'. The fifth wave is finally in especially for the Nasdaq. So it looks like the fifth wave of fifth to me.
As such, the snap back will be strong from these levels. I am looking at 4165 on the broad market as the pivot. If that breaks, I will swing to the bearish camp which means the recent top was it and we have started the C wave down. Defend 4165 and we might be in for another final swing up to complete the B wave before the C wave down.
As such, 4165 must hold for a year end rally. That is my thesis. Defend that and we are rallying into the year end.
I have taken all hedges off and going long with a tight stop at 4165.
Disclaimer: Please kindly do your own due diligence as this is a sharing article and in no means financial advise. I am just sharing my opinions and thoughts.
Thanks for reading my commentary. Hope it helps!
Stay safe! 😊
$Semiconductor Bull 3X Shares(SOXL)$
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VERY impressive on a brutal Nasdaq day to end up $10. That’s a reflection on just how breathtaking the ER was 😎
6 month of gains on the spy flushed down the toilet within days they definitely coming for the rest!!
there would be a squeeze at some point with everyone shorting and winning but nope not this time !
Great ariticle, would you like to share it?