3309 Drysdale Ct
Edwardsville, IL 62025
This could be a HUGE catalyst.
I agree. Looks like we need another micro level 4-5.
did not make a lower low while SPX did today. NDX has been relative
strength during this drop from mid September.
I think things will get really nasty once NDX starts leading. B
can't lead until AAPL and TSLA finally crack. They have a long way
to drop to their June lows.
I was actually asking about the larger wave 4 recovery after
this small 4-5 is done.
Matt / Steve what do you guys think about a wave four here that
looks similar to the late Septmeber 4 day move up?
There was a Denmark 9 right before that move similar to what we
I am wondering if we get a symmetrical wave 4 to that wave
Just barely. Look out below when this support breaks.
Out of the big tech Tsla has the most to drop. This could be
Hi Matt - would you be able to share the chart link for this one
Stocks above 50 and above 200 did take out sep lows however.
ARKK, BTCC, Cloud and Cyber Security stocks have all still not
broken their September lows. Positive divergence??
Sentiment seems to have LOTS of room to fall before it gets
Matt / Steve do know what day the new AAII surveys come
out? Is that over the weekend?
It's so weird seeing the entire CNBC panel so bearish.
None of them even blinked when Carter said target = low
Do you think that we were just in micro wave 4 yesterday and
this drop is wave 5?
If so then wave 2 can still happen (next happen).
Before that we do have a couple of gaps to close below (in
I agree. Also looking for a 50 to 61.8% retrace here to open
next tranche of shorts
Looks like 5 micro waves of wave  are done. If we get a
big A-B-C like I have drawn out then the next wave  down will be
I think we move up in the form a small inverted head and
shoulders. Kobie's favorite pattern ;-)
The challenge is that you don't know when the wave three will
end because they have a tendency to extend. You also want to let
winners run a bit. So I typically wait for a wave four and then
exit as soon as we pop into wave five. I don't milk the wave five
at all. The other challenge is that sometimes we get a truncated
wave five. The best solution is to take profits as you go
especially when wave three is extending.
I agree Matt. The market has a fractal nature. Looking at past
patterns help provide some guidance. It's simply one tool of many.
It's not necessarily predictive but some help lay out possible road
I REALLY hope we get that wave 2 Steve. Would love to load up on
This island top looks really ominous. Seems to be the
perfect way for the market to start wave 3 down to new lows.
Just waiting on confirmation now. Need to see if we get 5
micro waves down, followed corrective A-B-C , followed by the
plunge to new lows
Things look impulsive to the downside so far.
she looks ready to break - good chart
@tmbrook1, here is the example you requested
This is on QQQ. First image is a normal Bear Put Spread,
2nd one adds a 385 Call which is just $0.21, so its dirt
cheap insurance in case the market moves against me. Even if
the market goes up 10% my loss is almost zero.
But as you can see the insurance starts losing some juice after
about a month, but its best practice to exit spreads early (at
around 50% of max profit).
As an advanced tactic, if the market moves against you then
you can sell that OTM call if you feel the market will come back in
your favor thus banking some profit in the interim.
I agree. I think bears are really getting squeezed here.
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