mirhamedali - the other option is that wave C completed at
275.29 but that would need to be confirmed with an impulse down
taking out the prior lows. The big catalyst this week is the
CPI so later this week we should have a clearer picture.
Place your bets and that scenario you illustrated may well play out
into earnings later this month/early February with
cycles.
I bought SPY calls after close. Candle stick looks promising.
Let’s see. My plan is to go flat before cpi or play both sides.
No reason to think CPI will come hot based on recent trends.
But I may be wrong . I would rather not get caught on wrong
side.
Posted by fredsaid on 10th of Jan 2023 at 09:59 pm
I bought SPY 381 1/13 Puts for 1.15. Expecting the C wave
and then blast off from CPI ..even though that's happened the last
2 times as well ..Fact is we keep making higher lows and my earlier
HnS now looks pale in the face of the Inv. HnS shared at top of
this post.
QQQ looks like its setting
Posted by mirhamedali on 10th of Jan 2023 at 02:10 pm
QQQ looks like its setting a large H&S
mirhamedali - the other option
Posted by steve on 10th of Jan 2023 at 05:41 pm
mirhamedali - the other option is that wave C completed at 275.29 but that would need to be confirmed with an impulse down taking out the prior lows. The big catalyst this week is the CPI so later this week we should have a clearer picture. Place your bets and that scenario you illustrated may well play out into earnings later this month/early February with cycles.
Bulls must hold the prior lows
Closed right at a supply
Posted by mirhamedali on 10th of Jan 2023 at 04:17 pm
Closed right at a supply zone. Picked up some lotto overnight put calls (1/11 390P @ 1.21).
I am expecting we will begin a drop down into the a C wave to complete a larger wave 2 down
Nice clean chart - same
Posted by steve on 10th of Jan 2023 at 04:58 pm
Nice clean chart - same thing with SPY posted. EOD rally into supply usually doesn't end well - also 5 waves down on the VIX
All eyes on CPI on Thursday morning with expectations of 6.5% - personally think this time it may come in above but just my guess.
Steve, based on the close,
Posted by junkie on 10th of Jan 2023 at 05:06 pm
Steve, based on the close, would you sell SPY into a drop tomorrow based on your wave count? Or would you add to the position into a target higher?
I put on some hedges
Posted by steve on 10th of Jan 2023 at 05:19 pm
I put on some hedges into the close
I bought SPY calls after
Posted by arun on 10th of Jan 2023 at 09:31 pm
I bought SPY calls after close. Candle stick looks promising. Let’s see. My plan is to go flat before cpi or play both sides.
No reason to think CPI will come hot based on recent trends. But I may be wrong . I would rather not get caught on wrong side.
I bought SPY 381 1/13
Posted by fredsaid on 10th of Jan 2023 at 09:59 pm
I bought SPY 381 1/13 Puts for 1.15. Expecting the C wave and then blast off from CPI ..even though that's happened the last 2 times as well ..Fact is we keep making higher lows and my earlier HnS now looks pale in the face of the Inv. HnS shared at top of this post.
Nice chart
Posted by arun on 10th of Jan 2023 at 02:58 pm
Nice chart