$E-mini NASDAQ 100 Futures(JUN4) (NQmain.US)$$E-mini S&P 500...
$E-mini NASDAQ 100 Futures(JUN4)(NQmain.US$ $E-mini S&P 500 Futures(JUN4)(ESmain.US$ $E-mini Dow Futures(JUN4)(YMmain.US$ today we started 2/5 which is the retracement / relief rally I was talking about last week. I mentioned it will start this week. Those who were asking people to keep selling faced a massive short squeeze today if they weren't expecting this rally.
We are currently undergoing a pullback after a 800 point rally on the nasdaq from intraday bottom. After this pullback, the relief rally will continue to take us to 200sma. We may push up slightly above 200sma just to catch more fomo traders to trap them before we start the next leg 3/5 down which is going to be more painful than the one we just had 2 weeks ago.
So if you are about to ask on whichever stock you had in mind if it will go down further, the answer is most probably yes as 3/5 has not even started. And that is usually the longest leg in the 5 waves cycle.
This is why last week I said this relief rally is the best time to cut positions if you had not, because we are only just starting this correction.
As always trade safe and invest wise!
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Jverse : Will it really rise back this week? As you have analyzed, I intend to level some positions and then re-enter.
Investing 101OP Jverse: Should only go up to 15k or 15.5k on ndx. After tt should continue falling. So how long it takes will depend how fast it rallies.
Jverse Investing 101OP: Okay, I'll keep a close eye on and control the position. Thank you for your analysis.
yakimaru : Estimate the correction take how long?
Investing 101OP yakimaru: bottom should be in by march. then we should go new ATH after that if nothing goes wrong. But a huge crash will come by year end 2022 or early 2023
WebPsycho : Looking at futures now , relief rally seems more like a trap
Durian Crust Investing 101OP: There's no ATH after the 2021 Christmas rally
Investing 101OP WebPsycho: It's called a relief rally / dead cat bounce / bull trap for a reason. That's why I said not to buy for long term. Only to trade.
Investing 101OP Durian Crust: We will have to see. If anything happens mid year.
Investing 101OP Durian Crust: Too many ppl calling for a crash now. I doubt it will happen. There are more retailers saying it will crash than go new ATH. That's the kind of situation where the MM will flip the switch to go new ATH to squeeze out all the retailers. Before they initiate the crash when everyone least expects it.
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