The Flip Side - Market Analysis for Apr 10th, 2020

I'm posting in notifications because this is an important concept. We're slow today so I can wax tutorial.

I'm sure those that were 'feeling bearish' yesterday are feeling more so, or even vindicated. But we've hardly moved, and not invalidated long setups, nor confirmed larger downside, albeit we're close.

If I had no position yesterday, I'd be buying here not shorting. The setup for short is not yet there. But since I'm long I'm hedging, and will add more into a good setup short. How you trade this might depend on where you are starting. And, so I do urge objectivity. Some of you were in want of a pullback on the way up. It is here. Further, there is a reasonable stop at 6815, real tight. I'd post as a swing trade, but it would be disingenuous with me putting on shorts. But we still have a valid long setup and now with lower risk side, yet same targets. Think about it...

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