I posted an idea for SPX500USD and SPY a couple weeks ago saying I was legging into July puts because we are nearing a major top.
That top is likely in, but here is the confirmation I am looking for to signal a larger degree B-wave has completed:
- Expect small bounce to around 5283
- Then drop to 5215-5240
** If this occurs, and is followed by a bounce to 5292-5293, it will set up for a iii wave down to 5110 by early to mid June 2024 to confirm a larger degree C wave is in progress with end goal 4600-4700 by end of July 2024.
That top is likely in, but here is the confirmation I am looking for to signal a larger degree B-wave has completed:
- Expect small bounce to around 5283
- Then drop to 5215-5240
** If this occurs, and is followed by a bounce to 5292-5293, it will set up for a iii wave down to 5110 by early to mid June 2024 to confirm a larger degree C wave is in progress with end goal 4600-4700 by end of July 2024.