bigchefboyRD

Correction Time? 2-3 Week Hedge on SPXS

AMEX:SPXS   Direxion Daily S&P 500 Bear 3X
I have charted 3 previous corrections where gains can be captured on SPXS and provided a guess as to where we might end up if you belive we are in a correction period.

The first correction starting on 6/8/20, lasted 21 days and saw a 21.1% gain from the low of the correction start date to the correction end date high.

The second correction started on 9/2/20 and lasted 22 days. This correction experienced a 36.3% gain from the low of the correction start date to the correction end date high.

The third correction started on 10/12/20 and lasted 14 days. This correction had a 30.6% gain from low to high in the correction period.

The average correction time for these 3 correction periods is 20 days. The average gain from the low of the correction start to the high of correction end is 29%.

Lets assuming we are indeed in a correction and 1/26/21 was the low of the correction begin date. If we also assume the correction period will last the average of the last three correction periods we land on 2/16/21 as the final correction day (since day 20 is a Sunday.) Let's also assume the gain will be the average of the last three corrections at 29%. This gives an expected price target of roughly $45.00 on or around 2/16/21.

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any more thoughts on this?
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