$PLTR update - faded after good news
Guys - bears appear to be winning on this one. After this sell off I think this count could very well be in play.
Instead of a 5 wave impulse ABC move, it could be that we just completed and ABC, but with this sell off it looks like it wants to complex correct, AKA in wave theory that is a 7 swing structure - WXY. We retraced to the 61.8%, a common spot to find X. Now it appears we head lower. Keep in mind what invalidation is, (red line = 20.55) a close below that and this thing could go LOW.
Trading this: unfortunately unless bulls took profits on open it appears state of the market and bears really got them this time. Either way as a bull I would be buying dips with time and not worry about it to much. Just maybe hedge a bit incase invalidation happens.
Bears - short all rips, looks like you already did that today
Instead of a 5 wave impulse ABC move, it could be that we just completed and ABC, but with this sell off it looks like it wants to complex correct, AKA in wave theory that is a 7 swing structure - WXY. We retraced to the 61.8%, a common spot to find X. Now it appears we head lower. Keep in mind what invalidation is, (red line = 20.55) a close below that and this thing could go LOW.
Trading this: unfortunately unless bulls took profits on open it appears state of the market and bears really got them this time. Either way as a bull I would be buying dips with time and not worry about it to much. Just maybe hedge a bit incase invalidation happens.
Bears - short all rips, looks like you already did that today
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.