True story. My Single put option "2 contract" both down/SPX down

When i did my idea about the completion of an Elliott wave structure with 5th wave

1.61 Fibs of wave one i decided that i would buy small 2 SPY single Put contracts just

satisfy my "bias" and my "emotion" toward my Elliott wave count as a worthy trading strategy.

So i bought April 16 2021 + March 31 2021 just before the last price action we

got in the past 5 days or so . A prefect timing to say the least to test the market

and a perfect timing to buy single Put to say the least. Even though i new stimulus

is coming soon and this could be another buy the dip pullback but i did it any way

regardless of the huge risk if i actually have invested allot of money or bought allot of contracts.

Therefore, when we got the recent pullback i opened my account and guess what i saw.

Both of my "Single Put contracts" are down 41 % % 49 % and that's was at the bottom

around 3800. Just imagine the situation the market is in ,SPX is down around 3 % and you hold

single puts you bought just at the top, and at the very bottom your down more than 40%. Well

the only thing i concluded from this "test the market" kind of style trading is at 3800sh

i came to the conclusion way before the move of spx higher that this is "Buy the dip"

pullback, because there is no way that we are correcting and my puts will go down in value

instead going up in value and big investors regardless of their different kinds did not buy

insurance what so ever for any possible correction. The only thing i should've down is to buy

single Calls to see if they have increased in value or no, i guess the should've increased in value

if this was buy the dip pullback because the new where the market is going. I have never tested

this strategy before, but from my understanding that some big investors use it with single stocks

not with SPY like me or ETFs for that matter before they decide to hold big chunk of it. I hope you

can take a way something beneficial to you trading strategies or you have learned little something from my

live example of a true story of mine. Wish you all the best.

Comment:

I am down now as of this very moment ( -15%) & (-8%) instead of the (-40%) two days

a go on my single put option. Does that mean this is wave 2 and big guys are actually

buying insurance as of today.

Comment:

Today our little Option strategy is up 3.5 %. People, i guess , after breaking yesterday's low started buying puts. So to summarize what happen to our
little tiny options is as follow:

1/ Feb, 18 we were down more than 40%>>>>>>>first dip in this pullback
2/Feb, 23 we were down more than 15%>>>>>>>second dip in this pullback
3/Feb, 26 we are up roughly 3.5%>>>>>>>>third dip in the pullback

- Note: Each dip broke the previous low

- TO BE CONTINUDED ;-)

Comment:

Today's follow up with our little Option strategy is : SPY March 31 is down 58 %.
SPY April 16 is down 45%
Average unrealized loss is : (- 50%)
-------------------------------------------------------
1/ Feb, 18 we were down more than 40%>>>>>>>first dip in this pullback
2/Feb, 23 we were down more than 15%>>>>>>>second dip in this pullback
3/Feb, 26 we are up 3.5%>>>>>>>>third dip in the pullback
4/ March, 3 we are down 50%>>>>>>>>still no interests in put's buying i guess even with a rocky markets these days !!!

Comment:

Still with all of this, my little tiny test strategy of single put option is 50% unrealized
loss !!! Institutions are not buying puts "YET". They just need a push or a catalyst
to buy all the puts out there if they are planning to crash this market.

Comment:

1/ Feb, 18 we were down more than 40%>>>>>>>first dip in this pullback
2/Feb, 23 we were down more than 15%>>>>>>>second dip in this pullback
3/Feb, 26 we are up 3.5%>>>>>>>>third dip in the pullback
4/ March, 3 we are down 50%>>>>>>>>still no interests in put's buying i guess even with a rocky markets these days !!!

5/March, 4 58% down, worse # since February 16, 2021 "looks like bottoming"

The question rise is this a correction or buy the dip kind of pullback ????

Comment:

How could this be possible, all this bearishness out there we are down almost 8 %

on SPX since ATH, and as of today this very moment my 31 March OTM SPY options

are %56.24 Down. The only thing i am thinking of is that this is a just another dip to

buy or the next 25 days that i have left onmy spy options will sky rocket.