I have reduced my short position at this level...expecting a retracement before we go after that gap fill. Been some nice trades off that 2816!!!
ES Journal - 2017/2018
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2530 is in the cards if this election stuff gets worse.
Gap fill inevitable
Train in opposite direction now. If pattern repeats from 2007-2009, 2018-2020 will be worse even if we do not reach the lows from 2009. Look at home builder stocks and industrials right now if you still think economy is strumming along. Imagine what will happen to APPL, NFLX, GOOG, and AMZN if consumers start slowing down on spending. Those stocks could go into the toilet FAST. What goes up fast comes down even faster.
As bad as 2008-09 was on the downside, just a glance at any of these stocks and the index charts makes that "echo bubble" look tame by comparison. Just take any popular stock and look at where it was even 12 months ago or let's say the bottom of the last correction in Feb 2016. NVDA, FFS, went from $20 to almost $300. AMZN was in the high 700's a year ago (and that's a company that's been around over 20 years).
As forcasted on Thursday .. we kissed the 2815 Level again & then continued to slide on Friday down 50 Handles from 2815- R3 swing hi to a 2764.50 print. LOD... Took some heat at the close as i`m looking to close position under 2750 level with buy covers preset.....
IHS building out Right Shoulder according to plan... Sometimes you just know!
Good Luck...
Covered remainder at 2757 anticipating a retracement now before next leg down to 2680’s gap.
Of course we have no intraday up momentum yet but it is coming.
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