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Current Market Condition:
Naked Wave: Bullish Wave Stage: Range/Top Stage
Naked Pattern: Bearish Pattern , target 2539(Reached), 2530, 2525
Bullish Pattern: Bullish Pattern on ES after hitting the 2543 area. Target 2553 again.
Timing Model: Possible temporary top at 2553 area, but still need to see. May pull back or range trading until by the end of October.
As I said yesterday, even they go up ATH, they have to go back down into the range 2540-2550(2555). You saw it today. Now, what will happen next?
I am still thinking that we will trade within small range. Yes, I won't be surprised to see another ATH tomorrow. Yes, a ATH. But again it will come back to the range. Of course, I will be all wrong due to market unpredictable character. But based on previous pattern, we are in range and will have a dip by the end of this range.
Market is boring recently and the most exciting parts for the bulls and bears are over for now. After a little dip coming, we will see another wave of excitement. But now, we are in small range period of the time.
My trading plan is simple, sell high and buy low. And I did yesterday and today. I am still mainly holding short position and waiting that dip...who knows, maybe it never come.
Shorting this slow market is painful and I am hoping the market condition will be changed soon. |
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