We continue to divergence on the weekly as we hit the symmetrical ABCD move towards the PCZ im expecting something big here.
Trade closed: target reached
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Will be closing the trade a bit early here as we have reached the C point of the ABCD which is my standard minimum target for the ABCD and have scored an over a 30% Move to the downside:
No need to be greedy as the risk to reward was still amazing.
I like it.. in fact, I am about 200 points below your target. Trendline that out....then look at the patterns, etc. I mean basically the same as you, just that little bit extra for a bonus! lol. What do you think, March we land there? Or a little later? With that said, wouldnt surprise me to see it hit 17,100 or so first. Then a major bear market!
RizeSenpai
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@CJS04, I think we may hit there or begin to go towards there before the end of December after Black Friday earnings disappoint.
CJS04
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@RizeSenpai, sweet! I am thinking the same. After this Fridays options are up.. we head down till about Dec 8th, bottom out at the bottom of the channel and then bounce to 17k ish and then its game over. Sounds like we have the same thoughts....
CJS04
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I didn’t realize. Biden might be replacing Jerome. Decision coming in the next couple of days. That could be the “catalyst” right there. Whatever it is, it’s around the corner.
RizeSenpai
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@CJS04, I'm buying the 10 DEC 21 $5.5 Calls on SQQQ today
CJS04
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@RizeSenpai, nice! Check out BOOT! That thing took a ton of money from me trying to short. But I think that none the less will collapse and fall.