mpulley
Short

Market Crash? Or Just a Correction?

SP:SPX   S&P 500 Index
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I'm still holding my shorts from Wednesday. I hope no took my Thursday post as me going long. I was simply watching it in case the market became bullish at which point I would sell my puts.

I am looking for a target exit around 2580. I have a long term support level (black line) and a short term support level coming together in that area. Also, at that point, SPXU will be about 44. Back in Oct 29th, this is where SPXU peaked, so it would form a double top .

I'm still mulling over the idea of switching gears when I sell and going long for the short term. I don't believe this market is going to crash. But anything can happen: US impeachment, Ukraine-Russia war, or another economic crisis. I rather think this will continue to self-correct by oscillating in a downward motion.

Please let me know what you think especially if you disagree...
Comment: Forgot about the Fed's announcement on Wednesday. Definitely could drive the market either way.
Trade closed manually: So I thought I would save some puts for Wednesday, I didn't. 100% cash for moment
if its a correction, its been convoluted enough for me to think we are still on the A wave. Might well turn back up again soon to make the B wave, then i would guess a deeper drop to touch the 200 ma and the weekly oversold level. I'm new at this stuff so i'm probably being overly simplistic from my rudimentary pattern recognition skills.
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mpulley yogamarc
@yogamarc, I consider myself new to trading. I've read a few books and followed other traders online. Hopefully, it is something you enjoy doing and learning.

I'm not an EW trader; however, I do agree with the general direction of how I think it will go down.
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@mpulley, i do enjoy the game of 'seeing patterns' in apparent chaos... its how i see life too :-) Recently I was looking at my relationship to money and realised I could probably make better friends with it if I started to listen to how the rest of the world relates to it. So I got interested. And needed to put real money in to make it a relationship. Had some good luck in the beginning, got a bit burned when I took a gamble a bit later on, now I'm starting to feel a bit like a 'trader'. I enjoy your posts and your reasoning. Thank you.
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take the money and run.
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mpulley harribatu
@harribatu, I'm hoping my level is met on Monday, so I can watch from the sidelines until Wednesday. On Wednesday, I might play the short game. It seems the consensus is that the Fed will still follow it's plan no matter what the market is doing.
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harribatu mpulley
@mpulley, head to 2400, oe! Good luck, we need a new economy asap, this fractional reserve system is rubbish. I guess it's important because here on telee no one is showing any news about this worrying monthly candle, same rubbish from the same system. Get ready!
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