Strategy Notes May 10th, 2018

We have a lack of internal strength in the market referring to technicals not just price. I will not be surprised at all to see a strong downward move into our deeper retrace supports. Technical conditions that existed ,many days ago were not indicative of strong price more than momentarily and now that conditions is starting to reverse. I wouldn't be in a rush to deploy cash you have except in a measured manner. Zoomed out this may prove to be a great area to scale in but short term I there may be a chance to buy lower overall. Although individual charts may choose their own path. 

Ryan Wilday hosts the Cryptocurrency Trading service on ElliottWaveTrader.net.