The spring precedes the STs (secondary tests), which is rare but possible.
We have left the stage of LPS and are now looking for signs of strength (SOS), potentially a wave iv (green count), followed by another higher high.
The current wave can also be the (c) of an (a)(b)(c), in blue. If correct, we may see a decline again – despite the fact that price just consolidated for 8 days. However it would make sense in correlation with QQQ . Just as a word of caution.
Potential resistance zones are:
– 3436 the . 618 retracement from the 4028 high
– 3500 median between two Gann levels & 1.618 extension of (a)
– 37200 Gann level
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In my analyses I combine Elliott waves , Gann theory, and planetary aspects to identify turning points in the markets & derive high-probability trading ideas. The strategy is to build leveraged exposure when markets are likely to expand, and to use options premium decay for consistent income when markets may contract and range.
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These abbreviations in the chart describe ideas that are provided as educational information and do not constitute financial advice:
STO = sell to open
BTC = buy to close
BTO = buy to open
STC = sell to close
TD = Theta Decay (for example a strangle or iron condor)
Disclaimer:
The views and ideas expressed in this analysis are that of the maker. They are provided as educational information and do not constitute financial or trading advice.