SPX500 short-term update 29082019

An interpretation of what happened yesterday. I got stopped out because I was expecting ABCDE correction and not ABC. It was a dangerous situation yesterday. I was so heavy long that the loss bit me psychologically and I started looking to justify any possible and impossible bullish count.

Thankfully, I saw somebody else's wave count (@LukeSkywalker) and was flexible enough to admit that we are still going down. I shorted a tiny bit along the way and jumped right back at US open when prices began moving decisively.

Lessons learned - I should not trade that heavy it is not fun. You have to check your greed and get fun. Nevertheless, I am back with heavy longs (I feel compelled with the current steep rise and I want to finish this trade). Trading lately was very difficult both technically and mentally because of sharp sudden moves. I feel that I took my pattern recognition skills to a new level. Once the structure is completed I will need to take a rest while the market is rebalancing.

Again a couple of alternative scenarios are in pink. They are all bullish. Later today I will try to revisit the chart with a fresh eye to see if there is any danger, a possible bearish scenario. For now, I am too exhausted to see anything.

Btw, I never paid attention yesterday to what happened in the news. I heard, Trump tweeted again.