Well we got the down day and today seems to be setting up a gap up open. Its tough to say what exactly is going on now in terms of wave count but I would say we are most likely topping an A wave over here and a pullback should ensure in the next few days.
First however it looks like we are going a little higher - maybe retest of yesterdays highs and even exceed it by a few points.
I am still trading intraday ES. Gold is once again looking bad. I re-entered my NUGT puts yesterday and today looks like another big gap down. Need to watch how it holds around here. If it breaks the lows from 2 weeks back we are going much lower. Just holding the puts for now but will evaluate action throughout the day.
Internals on the broad market look quite strong at the moment and this is the reason I am not favoring positional shorts but just looking at hits and runs. Maybe todays action will offer more clarity as to where we are in the bigger picture.
Best,
PM
First however it looks like we are going a little higher - maybe retest of yesterdays highs and even exceed it by a few points.
I am still trading intraday ES. Gold is once again looking bad. I re-entered my NUGT puts yesterday and today looks like another big gap down. Need to watch how it holds around here. If it breaks the lows from 2 weeks back we are going much lower. Just holding the puts for now but will evaluate action throughout the day.
Internals on the broad market look quite strong at the moment and this is the reason I am not favoring positional shorts but just looking at hits and runs. Maybe todays action will offer more clarity as to where we are in the bigger picture.
Best,
PM
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