I'm hoping so, as I'm short the USO (40 puts) and time is my enemy. By my crystal ball… I see the USO closing a 38 on OPX next Friday. I also think the market will fall to the 1103 area.
Yeah Steveo… Too many lines on a chart will just confuse everyone… including the person drawing it! There is a downward sloping trendline from the 2007 high to about the 114 spy level, as well as the top trendline of an upward sloping channel.
Bottom line… too much resistance to go through on the first attempt. A pullback is needed first.
If your move down to about 1080 is the “B” leg, then your “C” leg will follow back up… but to much higher then 116. Or, the “B” move down is to 1103 by about Monday, and back up to 116 by OPX. Then a move down to 1080 by the end of the month or early February. So, we both could be right?
Yeah Steveo… Too many lines on a chart will just confuse everyone… including the person drawing it! There is a downward sloping trendline from the 2007 high to about the 114 spy level, as well as the top trendline of an upward sloping channel.
Bottom line… too much resistance to go through on the first attempt. A pullback is needed first.
If your move down to about 1080 is the “B” leg, then your “C” leg will follow back up… but to much higher then 116. Or, the “B” move down is to 1103 by about Monday, and back up to 116 by OPX. Then a move down to 1080 by the end of the month or early February. So, we both could be right?
Hi Red,
Though the current pain on USO is 38, I doubt it will go that low by OPX. I am thinking 39-40. The current pain on SPY is 112.
I'm hoping so, as I'm short the USO (40 puts) and time is my enemy. By my crystal ball… I see the USO closing a 38 on OPX next Friday. I also think the market will fall to the 1103 area.
Ants are getting f**ked (again), but what's new? I really, really think the jig is up. The bomb is going to drop in the next 3-10 sessions!!!!
Yeah Steveo… Too many lines on a chart will just confuse everyone… including the person drawing it! There is a downward sloping trendline from the 2007 high to about the 114 spy level, as well as the top trendline of an upward sloping channel.
Bottom line… too much resistance to go through on the first attempt. A pullback is needed first.
If your move down to about 1080 is the “B” leg, then your “C” leg will follow back up… but to much higher then 116. Or, the “B” move down is to 1103 by about Monday, and back up to 116 by OPX. Then a move down to 1080 by the end of the month or early February. So, we both could be right?
Great thought…calm before the storm. Keep it simple. Don't let all the squiggles cloud your view from 3000 feet
Yeah Steveo… Too many lines on a chart will just confuse everyone… including the person drawing it! There is a downward sloping trendline from the 2007 high to about the 114 spy level, as well as the top trendline of an upward sloping channel.
Bottom line… too much resistance to go through on the first attempt. A pullback is needed first.
If your move down to about 1080 is the “B” leg, then your “C” leg will follow back up… but to much higher then 116. Or, the “B” move down is to 1103 by about Monday, and back up to 116 by OPX. Then a move down to 1080 by the end of the month or early February. So, we both could be right?
Great thought…calm before the storm. Keep it simple. Don't let all the squiggles cloud your view from 3000 feet
I have the spy doing an A-B-C up to about 116.
One of us is right………………..or we are both wrong lol!