On Sep 1, wrote...
Bullish argument is different and bullish cheerleading and talking positions that happen on message boards are different. Once a weekly buy gets generated, we don't go to the sky directly, like many to-da-moon theorists opine. There are many hiccups on the way and some very scary. Markets are perverse. The first buy on any timeframe generally resolves in the opposite direction. It's for a simple reason, cuz every amateur joe is aware of that and every guru and newsletter writers keep pounding on those facts. That's what causes the amateur traders to come and regurgitate some popular guru opinion on message boards. Now guess what the pros do. They fade that common perception, instill fear by scary selloff, get everyone lean on the wrong side, make them disbeleive their gurus, and then take off.
What's the trade for a ST swing trader (houry swing trader) here ? - IMO it's a unwavering short
Before i proceed, i just want to say that i will not be posting any of my VST stuff on this blog. It's hard for me to continually update this blog during the trading day. Those interested in my VST stuff or trades, i will be posting them on traders-talk.com. My orginal intention was to only post IT and LT thoughts on this blog, and i will stick with that.
So the selloff came like a clockwork. What's next ? I see two possible wave counts at this juncture. Those who make fun of alternate counts firstly don't understand the basic principle of TA, which is probabilistic prediction of future prices. The primary wavecount is that wave c of an irregular flat ended on friday and we take off on Monday without looking back. The only fly in the ointment is that we broke that channel on an hourly closing basis on Friday, which makes me wonder if the market wants to probe lower levels ( SPX 1420), which is my alternate count. Which one ? At this point, i have no idea. We'll know the answers on Monday.
If the primary count is true, we are headed to SPX 1560 for the wave C up. If the alternate count is true, the price projection for wave C would be around 1530. Timewise, i am looking for mid-october for this price projection.
Goog luck trading everyone !