This is a great opportunity. $ETSY looked like a buy this morning and it raged! I was so happy. My account so happy. But when I zoomed out I noticed something troubling... We just completed a bull cycle and now commenced a bear cycle. I happened to time corrective minuette wave b at the perfect time. The good news is that I now know to sell, by puts targeting $80 range for primary wave 3. Target should be met by early next week (9.30.20).
I will do my best to post updates but think about loading up on puts and confirmation is below $106.
Good luck.
I will do my best to post updates but think about loading up on puts and confirmation is below $106.
Good luck.
Comment:
Today was a great day. $ETSY completed a clean impulse wave down. I believe we see a short correction in the morning before making another leg down tomorrow as well, completing the third wave. 10/2 $100 P with a target below $90. Good luck.
Comment:
Wave C completed. Next impulse wave has started. Looks like 1 & 2 finished by eod on 9.24.20
Expect a wave 3, 4 and 5 to unfold pretty quickly on Friday. Market looks pretty undecided at end of day so trade safe.
Expect a wave 3, 4 and 5 to unfold pretty quickly on Friday. Market looks pretty undecided at end of day so trade safe.
Comment:
EW waves evolve over time but we are still on track. Today seemed bullish. This is typical of a wave 2. A wave 2 typically retraces nearly all of wave 1. This means that Monday should be the start of wave 3. I hope you got your shorts on! if not, get it on early in the morning with a stop above the start of wave 1. A break out above wave 1 will invalidate my wave count. Good luck. Trade safe.
My target for Wave 3 is a measured move. Should be longer than wave 1. $80 is a bit conservative.