Tuesday’s trade was a handful to trade. Slow trade with pockets of run ups and slides lower. But this fits neatly into what expectations are for this week as we move towards Friday’s quadruple expiration. Today’s downside though, did move below levels I would not expect for the count that was in place — but I had discussed yesterday that once we completed the subdivisions of wave 3 that a larger 4th wave correction would be expected. That is exactly what we got today. That 4th wave correction may be complete at today’s 14000 low and if the is the case expectations would be for the advance to pick up again and begin to move back above resistance levels on its way to new highs where ultimately I would expect resistance at 14250 to 14260 to finish the sequence and in turn the larger Primary degree wave 3 advance. As always I will continue to stress that I also trade what is in front of me regardless of my preferred count. My objective remains to trade profitably without being married to either direction. When a count I’m using gets negated I trade first and look at the larger picture later. That doesn’t mean Elliott Wave and Fibonacci don’t work — because they do. What it suggests is having several “counts” scenario’s the market can play out to prevent being “blindsided” by a sudden move outside of the parameters expected.
June 16, 2021