Wondering about your stop. If the move down from last Wednesday's high completed at Friday's low (5 waves complete), then today's move up could go to at least 50 percent retrace of that move, no? That would be around 1080.50 ES. Could even go to 62 percent at 1084.50.
And yet another possibility would be that the move down from the 1127 high on August 9 just completed 5 waves down last Friday. That would allow for a much deeper retracement to at least 1094 and maybe even 1102.
In any case, it seems wise for you to get out now and see what unfolds since it's apparent the market wants to go higher here.
good morning, Steve.
ReplyDeleteWondering about your stop. If the move down from last Wednesday's high completed at Friday's low (5 waves complete), then today's move up could go to at least 50 percent retrace of that move, no? That would be around 1080.50 ES. Could even go to 62 percent at 1084.50.
And yet another possibility would be that the move down from the 1127 high on August 9 just completed 5 waves down last Friday. That would allow for a much deeper retracement to at least 1094 and maybe even 1102.
In any case, it seems wise for you to get out now and see what unfolds since it's apparent the market wants to go higher here.
pima
ReplyDeleteI cancelled the stop. Rally got up to previous 4th wave high and stopped.