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Wave C failed at brown line and up we go. The two upper brown lines will offer much resistance. With this strong wave, I expect the market to move sideways to the blue line. Then up again. It should reveal tomorrow what is really going on.
My theory is that fifth waves fail that is they at most barely make a new high or less.
It takes that to turn market. Since this wave five is strong up it most likely has more upside after going sideways and maybe down also. It will be a larger fourth wave. good luck everyone
Target is upper blue line and I suspect a bit more. Now the lower blue line for now is target. I expect
yesterday low or where the market jumped up on brown line is the max boundary for this next period. Look for another opportunity.
When the middle line appeared not to hold. Now we look at the lower brown to hold and needs to break the upper blue to confirm the up trend as resumed.
In the eclipse we see an abc, yes b is up. If one measures from the green arrow on left to red arrow then take that distance up from the second green arrow will give the destination, just short of 2890. Whats next, still up but some consolidation should take place and shorter trades for the day. Until next pattern appears.
from red to upper green arrow pattern could be an inverted B wave. But, think it could be an 12345 wave with the fifth extended. If that is true, most likely back to almost the low of today. close stops maybe
enter twice looking for that spot/
A thought about trading. Money management is the key to trading, no matter what system you use. In my system I use a five pip or $62.50 stop and quick to move to zero for a commission loss. I can always re enter and not as close to the turning point. It is about risk. I would rather take less risk. The idea entry is enter and market takes off and never comes back. I have been trying to learn day trading. I am really a swing trader to short term trader. I am starting to catch on to day trading which seems to be 1-8 trades a day. The smaller profits some times is hard to adjust to. But that is day trading.
Here is how I measure my success. I of course keep track of winning amount and divide by total trades made.
For risk factor, I do it a bit different. I take my total losses + commissions and divide by total trades. That is your real risk factor. I like to have above eighty percent trades and less then $25 for average loses in day trading.
Now for market movement or waves. I use the principles of wave of a simple 12345 and abc patterns. I use the line to identify turning points. I try to identify the pattern involved to know what should come next. Now a simple day trade method that one could use most days. is like today. I mention that the brown line would most likely be the low for the day. Once your in and market has taken off. Hold the position at breakeven till around 130 or end of day. Simplest day trade one can do. When the market is more trending it works even better.
I am going to chance breaking this blue line. It has not yet. If it does the brown line is target. Otherwise the upper high in market confirms the up trend is intact.
