Deus
Short

Bear Alert! SPX500/SPX are still correcting.

TVC:SPX   S&P 500 Index
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Despite I have been expecting strong sell-off in SPX/SPX500 I have to change the view to a bullish stance. SPX can be interpreted both ways but SPX500 is subdividing from its top on 8th of Aug in a clear 3-3-3 wave pattern. This makes me suspect we are in a bear trap right now. If the price declines and reverses I will be opening long positions to catch the final motive wave of this correction that can last a week or so and should be a strong impulse wave move.

This will coincide with my bullish bet on USOIL and smaller oil stocks. I also see that individual stocks that I have bought puts for ( FB , WFC , HPQ etc.) are poised for a short-term bounce as they completed wave 1 down. I think I will sell some of the puts to lock the profit and reenter in a weeks time.
You nailed it. I was on the other side of it and got stopped out this morning.
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Deus JekkTrade
@JekkTrade, Thanks. I flipped from bear to bull once I plotted this chart.
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@Deus, Looks like it's now closing below your 50% retracement line. How likely is 2831. Are you shorting the bounce or putting some short exposure to the index on overnight?
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