Correction in progress? Expect secondary sell soon!

Last pullback in 5-10 Nov gave an S-curve 'ABC' with two down legs, time from first sell to completion: 5 bars; would paint NLT 11/26.

Got a nice retracement in late trade Tues, from oversold on first leg down; expect lower Weds EOD. Tues PM rally typical of bear reactions.

First support held at 4660 11/23; break below will signal measured move lower. An S-curve projection ends in the target box ~4620.

Purely speculative guesswork shown projecting an H&S pattern may emerge? Tops are complex structures and this one is devilish.

If the top is in from 11/18 parabolic peak, expect sell to next support ~4535 box; a right shoulder may emerge.
Whether a new ATH might print afterwards remains TBD.

NB: Many contributors suggesting 'BTD' with new ATH to print soon; not ruling this out, if a Three Drives pattern were to emerge.
Keep a close eye on this and be real careful holding calls in here... could be a nasty surprise IMO.
DYODD; not financial advice! GLTA!

Trade active:

It's tough to trade these gap downs. Will the gap close right away? Or is it gap n go? Today a bit of gap>go then a gapfill. You sit looking at NQ -200 and wonder; "Do I need puts here now? Is it going off 400? Or bounce?!"

Today we got a bounce and looks like a hanger atm. See how it closes. Support held at 4660 on SPX. might see higher next week; might sell more. Pure gamble atm. Flipped calls on the bounce, back in cash.

Happy Turkey Day! Don't take un-necessary chances and spoil your holiday! Cheers!

Comment:

Retracement looks like a bear flag. Might see another selloff in the PM wouldn't get long here, better cash!

Comment:

Closed the gap after a two hour struggle with bears. Very likely to see resumed selling IMO. Take care!

Comment:

Selling after noon was overcome by a late rally. These late-day technical rallies are often fakeouts, from short-covering. EOD price action is usually not predictive of the next session.

Played calls for fade the gap and shorted a wee bit in PM, covered before that EOD rally. I really don't like to take new positions after 3pm especially over a long weekend, too chancy. Friday is an abbreviated session, and traditionally the lowest volume quietest day of the year. Probably no clear direction until the 29th.
Happy Thanksgiving!

Trade active:

Made bank off calls in the weak retracement. SHORT TRADING DAY! WOULD NOT HOLD ANYTHING!!

Anything can and probably will happen on Monday!!

So gratifying for the market to fill in my charts; so disappointed to have sat in cash, LMFAO, ah well c'est la vie!!

Comment:

Made quite a bundle flipping calls across the strikes in QQQ, SPY, IWM. RTY really went oversold and bounced. Holding nothing over the weekend, again.

OFC since I didn't buy puts Weds PM, they sold it today, LOL. Good weekend happy campers!!

Comment:

Looks, feels like a technical bounce not a reversal IMO. Trend still down, strongly impulsive, expect lower soon.

Trade active:

Flipping calls and puts across the 397 QQQ strike. Starts to look choppy IMO, gonna sit and watch a while...

Comment:

RUT has not recaptured much of last week's losses, anemic c/w NQ, again all the buying is in glamour stonks

Comment:

Well, index pushed price to former support at 4660, which now has become Resistance...!

Expect lower soon, confirm bear trend this week. We got divergence in all indices and indicators.

Comment:

Gosh got here sooner than expected! Probably close to pivot...