Severe downside ahead? Notes from the Stocktwits Premium Futures Trading Room:
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Risks remain to downside after the overnight action to 2498. This was just above the initial Wave 4 low end objectives laid out in the charts yesterday for everyone. As much as the market has crashed and the readings I normally use to scream BUY BUY BUY are there... this is not normal times. This is an economic disruption that the market has not yet priced in, in my opinion. I could be wrong.
We should end the bounce and head to 2031-2150 ranges ahead if I'm right in the next few weeks, but the way the market is going it could be 4 days, who knows. The volatility is extreme and trading ES is difficult.
We profited in the room for 107 points earlier this week using a 2 tranche method of scaling in long.
So be careful of downside. A few charts this morning. I'll have more comments shortly