$COP
“I anticipate a corrective phase hitting the stock soon if $WTI also drops, potentiating Minor Wave 4, a wave that has a retracement target between $100-$110. This will be the buying opportunity you will want to take advantage of if it comes.”
Perfect. Topped out in March
$RSP$IWM
My charts are indicating that both are prepared to put in a significant top. Ones that would facilitate a 10%+ correction on each.
Today acts as a litmus test for how that environment would trade. Perhaps it gets delayed once more, but the rollover is coming.
As promised, the Key Level of $7790s offered resistance and forced a rejection off the level. This is my minimal PT for this leg.
For now, it appears my levels marked are still being respected.
It may be time for a Higher Low here to backtest support before attempting to break
Starting to de-risk longs overnight as we approach a key test on the $SPX of $7490. I am certainly eyeing the Gap Fill on $QQQ of $704, a level in-line with the top of its Log DT Channel.
Portfolio is +35% off sweeping calls and shares off lows in anticipation of this relief.
If we were to reject lower, it would be here. Otherwise, we may facilitate a breakout from the ongoing downtrend on $SPX$ES_F and seek additional upside in the day(s) to follow.
Bears need to step up now that the ball is in their court.
