Blue light special - you can get  $500 right here for selling 4850 puts that expire tomorrow. Get em while they last (they were going for 1500 an hour ago so probably not long) 

SPX - I don't usually check this time of day, but we just hit session VWAP.

There were some PANIC option trades in the market over the last hour. I did sell a couple of people crazy panic insurance. Out already. For all I know Iran could counter attack before the market open tomorrow. 

I was at a restaurant when futs tanked. I paid my bill, ran home and then threw crap at the TV for 15 minutes in frustration because they were all stuck on stupid, worthless US politics and no one had picked up the story more than an hour after it happened. Morons. All of them. We're doomed to get nuked someday while CNN drones on and on about threats to democracy.  In other news ...I might need a new TV. 

Yes, I saw your chart when Steve first posted it after I posted mine.  Steve's was a better version of mine.

I have made many great trades from the charts you both have posted.  

I wanted to say that of the many charts, the SQQQ chart has been a great gain for me lately.  I did sell half on the open at $12.00 and felt really good as I was looking for a pop and drop... as you have stated for several days the market needed a a well deserved rally.

I learned a long time ago from you that you need to take profit.  So I traded my plan.

Wish I would have not made that trade but, I booked it, Danno.  

No regrets, 

yes proper wedge patterns have 5 waves, whether they are falling wedges or rising wedges, abcde. Also, an important note, a completed or near completed wedge will always have MACD divergence, if you draw a wedge that looks okay but there is no MACD divergence, then changes are the wedge is not complete and it's still some sort of 3 wave

DRI, not the greatest wedge, but sort of has that look and yes you can count 5 waves with MACD divergence at those highs, that high would be wave e if it's a wedge

the IWM chart is simply textbook they don't often look that picture perfect 

good job on your conviction! and yes none of us want anything bad to happen just because it happens to help our investment

FYI your chart is basically the same as as my gold monthly that I've shown for over a year now, I labeled that low in late 2022 as a wave 4  of C

https://stockcharts.com/h-sc/ui?s=$GOLD&p=M&st=2006-06-01&id=p22877566163&a=1170085288&listNum=61 

Here is a better link to follow the Iran war news:

https://twitter.com/spectatorindex

This chart I posted on 8/2023 has kept me in my precious metal stocks and has produced huge gains.  I don't wish for what may come of this escalation but, I must do my best.

https://stockcharts.com/h-sc/ui?s=%24GOLD&p=M&yr=20&mn=0&dy=15&id=p28188770199&a=1473917319&listNum=6

Hi Matt, I wanted to ask your thoughts regarding the 5 wave rising wedge pattern that you mentioned in recent newsletters regarding IWM/Russell 2000. I was looking at DRI weekly, in a rising wedge, slight RSI and MACD divergence on the higher high. Does this look like a similar pattern in the making? Does there need to be one more touch to confirm the support trendline?

racerick - that news created a lot of uncertainty so it's understandable, the markets do not like uncertainty, the first reaction is to sell

you know what blows - I run a 30 min KISS system on CL crude oil futures, it was long and so was I, the trade was down and I decided to close it out earlier against the system - of course shortly after closing out BAM this happens and crude oil pops $3, I would have been up huge had I just left it alone LOL

well like Steve said, don't beat myself up, this was unexpected news and news trumps things. Israel said they were going to hold off for a while LOL, yeah a day

Selling relentless here

Oil up 4% after news

tag - ES went right into that support zone I had highlighted 

BREAKING: US official tells ABC News that Israel conducted airstrikes on a target in Iran

Target achieved. Negative gamma kicking in. people stuck in SPY options not going to sleep well tonight. I just rolled.

EXPLOSIONS SO FAR HAVE BEEN REPORTED IN THE LAST FEW MINUTES NEAR THE CITIES OF ISFAHAN AND NATANZ IN CENTRAL IRAN, WHICH BOTH CONTAIN SIGNIFICANT FACILITIES FOR THE IRANIAN NUCLEAR PROGRAM

some reports out there about explosions in some cities in Iran probably the cause of futures down over 30 , also some bombings in Syria & Iraq