The anticipated pullback was on schedule, but leaves me uncomfortable for a couple of reasons. Path is still on course for new highs. Now what?
My discomfort is with determining whether to position for pullback when I expect the main trend is up for my overall position. The initial downward move was favorable to me for a trade, and I'll likely not press my luck vs simply waiting for the next ride up to stay with the main trend. I'll sit and wait, and even welcome a further pullback to the 2755 area, a level that has several data points drawing this week's attention (see note in chart).
My further discomfort is with evaluating the pullback's magnitude. At this point a slightly larger pullback is due vs what we've seen thus far, making 2755 a very near term probability and my likely scenario. I'd welcome that for trade entry with trend's upward movement later, but wouldn't be disappointed to see the current advance go beyond 2848 (close) to suggest all is clear.
Separately, I've really been able to commit time and energy to longer term assessment and review of wave/trend expectations. It is those estimates that will drive near term perspective using overall circumstances within broader historic context. In short, we go up first (wave 5) with significant challenges ahead. It is way too soon to worry about those challenges at the moment. However, it is those same factors that indicate the current pullback has been too shallow at this juncture for this lower degree wave 5 movement.
My discomfort is with determining whether to position for pullback when I expect the main trend is up for my overall position. The initial downward move was favorable to me for a trade, and I'll likely not press my luck vs simply waiting for the next ride up to stay with the main trend. I'll sit and wait, and even welcome a further pullback to the 2755 area, a level that has several data points drawing this week's attention (see note in chart).
My further discomfort is with evaluating the pullback's magnitude. At this point a slightly larger pullback is due vs what we've seen thus far, making 2755 a very near term probability and my likely scenario. I'd welcome that for trade entry with trend's upward movement later, but wouldn't be disappointed to see the current advance go beyond 2848 (close) to suggest all is clear.
Separately, I've really been able to commit time and energy to longer term assessment and review of wave/trend expectations. It is those estimates that will drive near term perspective using overall circumstances within broader historic context. In short, we go up first (wave 5) with significant challenges ahead. It is way too soon to worry about those challenges at the moment. However, it is those same factors that indicate the current pullback has been too shallow at this juncture for this lower degree wave 5 movement.
Сделка закрыта: достигнута стоп-лосс цена:
Monday's move beyond 2848.03 invalidates any anticipation of further decline.
Uptrend to new highs resumes as main focus.
Uptrend to new highs resumes as main focus.