Not being a student of EW myself, perhaps you will clarify... How is a subwave pullback identified (in real-time) as opposed to being identified as a test (of a low)? Are there other differentiators? Not breaking-balls here... intended as legit questions. Thanks
McConnel opened his mouth and goo came out that smelled like, "We're not going to get a stimulus bill done before the election because we don't want to give any more money to state and local governments."
11345-11365 area in NQ that hasn't been tested and needs to be. I'd imagine that's where we're head and would be an area would look for a long.
Great question and I don't profess to be an EWT guru -- I only use it when I see obvious patterns as opposed to others who try to label every iteration. If I see patterns that fit with the market structure I'm seeing, I'll call them out. I think the identification of a wave is also dependent on my view of all the other tools that I use such as measured moves, fib levels and various momentum / oscillator indicators. So in real-time, for instance, I could see the NQ pullback after hours / pre-market hitting levels where my momentum indicators suggested we should find support so it led me to believe that was setting us up for that wave 5 up today. Also, once I saw that wave 5 was breaking into another wave 5, then I could also see that this move up was about done. So I'm looking for various levels to come into play as this market pulls back and I may not know for sure whether those levels will hold or not -- sometimes I just buy and trail and I end up being proved wrong. Does that make any sense? In the end, I'm just trying to find an edge and reduce the downside. I'm not perfect. Also, some intuition comes into play but that comes from experience. Happy to talk more on this in PMs, etc.
In that area now. We need back above 11365 now and to also close above it. Than may get something going here to upside. Looks tough so far.
Need to be careful now, trading back below 11365.00. Need back above it asap still have 11394.75 open 11381.00 already been cleared.