DaddySawbucks

Small Caps following New Path to ATH After ABC Correction

Short
TVC:RUT   Russell 2000 Index
Got a clear 5-wave impulsive breakout from the ABC correction of September; but enters overbought condition in RSI , needs a breather and consolidation at support; trade short; then roll long at ~1515

Line tracing back through multiple S/R peaks/troughs at 1506 - 1513 tar zone; look for retracement over ~2 weeks/9 sessions before trend resumes

Uptrend will be a powerful wave 3 breakout to new ATH before year-end IMO; notice how correction moved price into a new, lower channel which now continues uptrend in next blade of Gann Fan ; following brief pullback to support, Wave 3 should bull fiercely into Nov/ December/Jan.

NB: Gann fan coincides with Fibo retracement price; a critical intersection IMO

Easy money printing soon IMO as recovery from CV19 crash completes and bull runs to new ATH ; small Gap to fill at 1680, ATH 1:1 recovery at 1715.


Not investing advice; trade at your own risk!
Trade active: Short entry above 163 in the 30Oct 163P and TZA; shorting the weekly 157P in ten bear spreads; GLTA!
Trade active: Added ten spreads at 163.80 in the 163 puts, short weekly 157P
Comment: Holding short
Comment: Did nicely on these took some profits out and rolled down into the 162Ps
Trade closed manually: Not shorting these, still needs to make double top up around 170; patience!
Comment: RUT firming up on a choppy day...!

Comments

Futures are red. I went short before close. Going to double my position late tomorrow again if we stay red. If we go higher I'll wait until we hit old ath and quadruple my short position.
Reply
@z3m25, Futurz fluctuate wildly and early prices so unreliable. I seen em flip-flop 500 DJI pips overnite ffs. TBVH I expect a bit of profit taking and jockeying Tues with another peak effort on Weds. Thursday could really get red; it has been 9 sessions/two weeks up, that's about right reaction.
+1 Reply
My chart says RTY hits 1700 on Wednesday which is around 167.5 on IWM. Then it just drifts sideways.... like small caps tend to do
Reply
DaddySawbucks hungry_hippo
@hungry_hippo, Shorting puts mIght be a good bet eh?
Reply
hungry_hippo DaddySawbucks
@DaddySawbucks, RTY is the only index that is overbought on the daily....
Reply
hungry_hippo DaddySawbucks
@DaddySawbucks, I guess I was sorta right, overbought so it sold off, but in the end it's right back to the same price as last Friday, lol.

If this crap does double top, short at will, lol. Lots of stocks tanking on earnings.
Reply
DaddySawbucks hungry_hippo
@hungry_hippo, i made out like a bandit
Reply
Wait until RTY closes the COVID gap first. Futures green and more than likely a gap up on Ponzi Tuesday.
Reply
DaddySawbucks hungry_hippo
@hungry_hippo, Ty, recognizing could still get higher I'm writing bear spreads, nibbling; had a feeling FTG might not work today
Reply
Very impressive work. And thank you!
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out