Now the next target is the ideal extension target 4119+- few points
Ideally we get that number tested by the 5th and see 3750 filled EOM
It was a panic cycle day and I did mention about it many times in my posts. One was done during my last night update together with the explanation. We got that a move in one direction above previous high or low, it was up the upside.
Also mentioned that it was holding well during the day and huge calls activity. I did trade lotto SPY 408 Dec 1st calls, bought 20 at 6.5c on average, exited at 57 and most of it at 1.08-1.35, amazing lotto
Also did few NQ calls, was restriking all afternoon taking profits on those in green, still have 2 running for tomorrow's am exit if not tonight
Careful with being long here as the upside is limited and usually the FED day gets reversed by Fri, will it be the same this time, I dont know.
There is a good short setup around 4120SPX level, no need to chase the market at this point if missed the long play today
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Also note it has to stay above 200MA for at least 2 day if not more to confirm a breakout, usually it spikes up above and sell from there, at least to mark temp low for now.
I still dont believe we get Santa Rally, Im sure this is the one now and it will be Santa Crappy EOM close!
Thanks tima. Looks like getting the 5th wave .. then strong retrace ( 61%~ 78%) to fill the gap. Got my eye on few if that happens. :-) not sure S&P but hoping NQ could of bottomed?? But certainly still seem to be bouncing around triangle.
bonnenul
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I have said, 4110 nearby then short. Seems tomorrow.
RealTima
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@bonnenul, Perfect call, I have a perfect extension at 4119SPX, but should not hit tomorrow, we should retrace, at least to test 4035-47SPX first if not all the way down to 3955
Marlborough21
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@RealTima, UncleK has a target for today just under 3955.
RealTima
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@Marlborough21, Yep, saw MEJT number last night, if it gets printed, it will be awesome!
InvestMate
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Time for correction?
worldjetty
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Do you think it's a good time to add to swing shorts? We got very close to your target and look to be forming an ascending wedge today
Solldy
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Great analysis of the asset, I don’t really like analyzing this asset, but your idea is very high quality. Great work, colleague!
YOGI29
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Seriously feel like the bear market may be over for the short term. I wanted to see a 20-25% minimum drawdown at 4800-4900 before any further upside when Avi said 4300 would hold. Although it would not fit in his counts to go below 4000 for new highs at that time, I was sure he would fit the counts accordingly even if we dropped below 4000 and that's what he did exactly. Things are now looking more neutral to bullish to me towards double toppish or something like that before any real bear market. or we could be in a huge range for a while. Directly lower seems quite unlikely. This is extremely tough to say now what happens next.