UPDATE March 2
Well, that bear sure showed up.
But is the bear done? Jobless claims come out an hour before open. It will be a market mover. The direction can be either, there is still more downside, and it can go to 285 or even lower, so don't be eager for a rebound... That said, I think we get one.
Something to note - a clear sign we are in a bear market; the $Dow Jones Industrial Average(.DJI.US)$ will lead the rebounds while the Nasdaq will be a laggard now (lower upside higher downside). The DOW hit its 9 count on the Daily yesterday, the Nasdaq hit it today.
hit 9 count today. iam Looking for one last retrace up, as high as 300.
Divergence forming - these mean little as long as we are in this diagonal correction.
The way I have the count is a diagonal. A diagonal is a somewhat rare structure. It signals a change in direction. That is why/how the last bullish wave structure ended early - this diagonal wrecked it. This diagonal should begin a retrace at ANYTIME (Anytime literally means anytime - now, tomorrow, etc) when it retraces it SHOULD go back to the previous low, which is 299.
$Tesla(TSLA.US$ Sold down on investor day, I saw that, but thought it would hold up better and rebound???
$Alibaba(BABA.US)$ I should have my head checked for buying more of this flounder, but it did something yesterday, it didn't collapse 🤣
Any rebounds/retraces should be SHORTED. There is little reason to be long indicies. There are individual stocks that are bullish, but overall, it's BAD.
Be Safe, Be Careful, Be Wise
and as always Good Luck![]()
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BruceLin8 : Tsla will go to 170?
BeBlessed : Bro iamiam, thanks so much for including the Dow.. it helps alot
Hope you managed to get some good and proper rest
iamiamOP BruceLin8: eventually. maybe now.
BeBlessed : Hmmm... so we can short tsla today?
iamiamOP BeBlessed: no, should've shorted it 2 days ago. it might rebound, then you can short it.
Violets : so educational thank you!
BeBlessed iamiamOP: Alright thanks
Ping983 : Thank you for sharing every day
BruceLin8 iamiamOP: QQQ will keep going down tomorrow ?
iamiamOP BruceLin8: hard to tell. the momentum has turned the 2 hr. it hasn't done that for 6 days when QQQ went from just under 293 to 297. So I would be cautious
if you want to short I would wait
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