Tuesday’s trade was for me brutal for the first 8 minutes. I’m calling it an anomaly, a period in the market when proven strategies fail briefly and traders are thrown off balance. Check out an additional post from me tonight – “Anatomy of a Trade” for a more in depth discussion on trading. Back at the ranch – the NQ thrusted higher from the opening and the trend basically carried prices higher until the last hour. At this juncture I am giving the benefit of all doubts to the Elliott count and using the applicable rules to define when the count would be negated as is. I have been running a “preferred” and “alternate” views that up to this point are interchangeable unless the NQ breaks above 14840. That is “No Break Zone” so a break above 14840 will change the near term picture and I explain that in tonight’s update. Currently follow through buying should be contained below 14697 to keep the current count in favor. That being said I need to stay open to another up trending day or a seriously strong downtrend resuming. Both unfortunately carry an equal weighting and would both still fall in the “corrective move” basket.
October 5, 2021