Signals & Trading Plan for Wednesday 8/7/19

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Here is an excerpt from our trading plan.

Plan for the big moves and trade the big moves 
We were browsing a well-known Elliot Wave website today just to see what the popular thinking is among other traders.  We came across this writing: “the great majority in the market were caught looking to the long side while we were hitting market highs into our major resistance/topping zone.  This seems to suggest very few “out there” were expecting any bearish market action.” 

Our members now belong to the elite “few out there” who knew in advance since July 30  to expect this sell-off. 

As our long-time members know, when all market internal indicators shout the same message repeatedly, we need to listen.  Big moves always follow. And conversely, don’t make any big bets when we haven’t received a loud and clear message yet from market internals.

But just like we said yesterday, if you rely on market internals as your guidance system, you can only safely trade the big moves.  Market internals don’t always give the kind of messages that day traders or very short-term swing traders need.  So keep this in mind as you plan your trades.

What is the current message from market internals? 
The latest patterns from market internals indicate that we are still in Major Pullback2.  
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The rest of this article covers:
Current message from market internals (more)
Support and resistance levels
How to plan your trades
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