Market Analysis for Aug 5th, 2022

Aug 5, 2022 - 10:19 AM EDT

Will call it a week here comrades.

We rode bi-directional trains this week and got paid handsomely via decent risk/reward setups.

We took a quick stoploss a few mins ago. Buyers doing a V-shape reversal and filled the 4150 gap, indicating sellers too weak even after a massive gap down.

Couldn't end the week at highs though, but that's part of trading. We take asymmetrical bets when the time is right. No guarantees.

Overall, it seems like we've been on a hot streak since June. Simmer down on heightened emotions and we'll ride again next week. Have a great weekend! 🚄

Ricky Wen is an analyst at ElliottWaveTrader.net, where he writes a nightly market column and hosts the ES Trade Alerts premium subscription service.

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