I woke up late today for some reason. I had a sell on FRE at $9.75 but unfortunately that wasn’t the high this morning. The extensions on these wave 3’s is in the range of 238% so I think we can rule out an ABC correction on this 5 waver. Target on FRE is $10.50, but I needed to free up some cash so I sold out at $8.60 which is not bad considering I bought at $5.03 and $5.93 for a 57% return! Wow, that would be like a record for me. It’s too bad I didn’t have much money in. It’s obviously easier to trade smart when you have a position size that is in your comfort zone. As for SPX seems like the 3rd wave is not quite done yet. Not sure what the target is yet, but I would imagine I would sell around 1285-1290 which I’ve been waiting on for quite awhile now.
Solid red line is natural 38% retracement, while the dotted line is the uh-oh something might be wrong line.
*Update 12pm* Target for SPX 3rd wave is 1268-1270 then should enter wave 4 which should be a zig-zag, but could also be a flat. I would buy the close for a gap up 5th wave, unless the 5th wave finishes before the close of day. Wave 2 took about 4 hrs though and I would expect wave 4 to do the same, but might be less if it’s a zig-zag.
*Update 3pm* Looks like wave 3 will just be finishing up at the close. That could possibly mean a drop tomorrow in the morning which would be wave 4.
Late start
I woke up late today for some reason. I had a sell on FRE at $9.75 but unfortunately that wasn’t the high this morning. The extensions on these wave 3’s is in the range of 238% so I think we can rule out an ABC correction on this 5 waver. Target on FRE is $10.50, but I needed to free up some cash so I sold out at $8.60 which is not bad considering I bought at $5.03 and $5.93 for a 57% return! Wow, that would be like a record for me. It’s too bad I didn’t have much money in. It’s obviously easier to trade smart when you have a position size that is in your comfort zone. As for SPX seems like the 3rd wave is not quite done yet. Not sure what the target is yet, but I would imagine I would sell around 1285-1290 which I’ve been waiting on for quite awhile now.
Solid red line is natural 38% retracement, while the dotted line is the uh-oh something might be wrong line.
*Update 12pm* Target for SPX 3rd wave is 1268-1270 then should enter wave 4 which should be a zig-zag, but could also be a flat. I would buy the close for a gap up 5th wave, unless the 5th wave finishes before the close of day. Wave 2 took about 4 hrs though and I would expect wave 4 to do the same, but might be less if it’s a zig-zag.
*Update 3pm* Looks like wave 3 will just be finishing up at the close. That could possibly mean a drop tomorrow in the morning which would be wave 4.
Filed under: Comments, fibonacci | Tagged: Comments, fibonacci