So far we’ve yet to get that smaller C wave up. Obummer is talking soon about sanctions on the Russians again. My best guess is that things will calm down afterhours and we’ll rally up tomorrow morning to that upper falling trendline on that triangle.
It should have fallen to around 198.20 SPY by then. If we have a gap open and hit that level I’ll be shorting it in a 198/194 put spread expiring next Friday. Meaning I’ll buy the 198 and sell the 194.
They don’t usually let the bears in short this easily. There should be another move up tomorrow morning. Of course I could be wrong and this time they just tank it? If so, I’ll just sit this move out as I’m not chasing it and getting another bad entry like I did on the long previously.
Here’s the wave count that I’m seeing now. I’m waiting until the close today as that’s when I think we’ll see our best shorting opportunity: http://screencast.com/t/dklEbSSXXC
I get the feeling they will chop around all day into the close and make a bear flag going into tomorrow. Possibly Yellen says something at the FOMC that the market doesn’t like and will therefore allow this C wave down to continue?
Most FOMC days are positive, but maybe it’s time for a negative one? Of course they won’t blame it on Yellen but on the sanctions instead.
Yes, you are correct. I think we are starting that larger wave C down to the 1940 SPX area. Should be small bounces along the way as this will likely be an ugly move down.
I’m going to just wait patiently to see if there’s any bounces later today. If so then I’ll take a short position but right now I’m not doing anything as it’s like trying to catch a falling knife and I don’t want to get cut again…. LOL
Well, I had to bail on that position at a loss gang. You can’t win them all I guess. I sold out for .25 cent and paid .57 cents. So number 8 was a loss, but the first 7 were winners. I’ll wait to see if we have a bounce as this looks to be a C wave down coming now. It could go to that 1940 area?
So far we’ve yet to get that smaller C wave up. Obummer is talking soon about sanctions on the Russians again. My best guess is that things will calm down afterhours and we’ll rally up tomorrow morning to that upper falling trendline on that triangle.
It should have fallen to around 198.20 SPY by then. If we have a gap open and hit that level I’ll be shorting it in a 198/194 put spread expiring next Friday. Meaning I’ll buy the 198 and sell the 194.
They don’t usually let the bears in short this easily. There should be another move up tomorrow morning. Of course I could be wrong and this time they just tank it? If so, I’ll just sit this move out as I’m not chasing it and getting another bad entry like I did on the long previously.
looks good. I’m thinking of exiting by Thursday
Here’s the wave count that I’m seeing now. I’m waiting until the close today as that’s when I think we’ll see our best shorting opportunity: http://screencast.com/t/dklEbSSXXC
Best spot to short in my opinion… http://screencast.com/t/N5UMoGEjyc
agreed that I wouldn’t jump in now, I’m already (still) short so just keeping that going for now
I get the feeling they will chop around all day into the close and make a bear flag going into tomorrow. Possibly Yellen says something at the FOMC that the market doesn’t like and will therefore allow this C wave down to continue?
Most FOMC days are positive, but maybe it’s time for a negative one? Of course they won’t blame it on Yellen but on the sanctions instead.
Yes, you are correct. I think we are starting that larger wave C down to the 1940 SPX area. Should be small bounces along the way as this will likely be an ugly move down.
I’m going to just wait patiently to see if there’s any bounces later today. If so then I’ll take a short position but right now I’m not doing anything as it’s like trying to catch a falling knife and I don’t want to get cut again…. LOL
I think it’s south from here on out today
Well, I had to bail on that position at a loss gang. You can’t win them all I guess. I sold out for .25 cent and paid .57 cents. So number 8 was a loss, but the first 7 were winners. I’ll wait to see if we have a bounce as this looks to be a C wave down coming now. It could go to that 1940 area?
Not sure if anyone is reading these comments anymore but I think we’ll hit 1990 SPX today.