Stuck to the 5 min 200 sma at the start of wave 4, assuming our up trend will continue. An alternate case would be "this is the big one!!" wave A down..... Looking for a bounce, but you never know.
4128.73 level I mentioned earlier, that could possibly invalidate bear trend ... held obviously. Now we find out, if today's current downtrend continues, at some future point whether 3911.74 gets broken on a closing basis to completely confirm bear has a lot more to go:-
And a nightmare for some, I suppose. A bit too jumpy for me today. Got chopped up using too tight stops. Sidelined and waiting for an opportunity now. With that gap filled we could rally from here, but at the moment this looks like a larger flag building for the next leg lower.
Had one half of my signal @ 1021am so still waiting myself. Though Cum $TICK is moving down stronger now.
For now, still in bullish camp overall unless invalidated (@SunTrader has some levels to watch) but I could have handled today a little better by using pre-market strength to sell into. Definitely some concerning signs in ST based on yesterday's action and heard too many people flipping to bullish yesterday. Also have September seasonality. We'll see how this plays out.
Bull best hope is right here on QQQ chart. Tough to break but we might see a false breakout below sometime today.