There may be a bounce for a week or so but in general, I see this playing out to about 240ish (or the 200 ma) before a larger counter rally. If the channel doesn't hold, we're looking at 220 area.
I think the high is in, but the unwind may take time.
Hi Sunship, missed seeing your work on here. With QQQ trending up for the next month do you think SPY will see ATH or new ATH on a similar timeframe? E wave traders are looking at a Wave 5 up into late October before ABC down correction.
the_sunship
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@Cratchit, personally I think this is already the A wave and we may see one more push lower if the dollar goes to a higher target. Affer that, a B wave up for a few weeks, then a really bad C wave down. I don't think spy goes higher personally. That's what it looks like to me. Dollar chart seems to say something similar in reverse.
Cratchit
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@the_sunship, I really appreciate the input. I'll watch the charts over the next few weeks and look for a short around $342 if I think it's looking bearish
IRNY
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10/16 280 Calls Bought at the bottom of the selloff today. Spot on what I think is going to happen.
the_sunship
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@IRNY, may go lower a bit overnight but I think we're close. good luck!