SPY - Keeping my puts update!

I'm keeping my puts! Price is just "hanging" in congestion area. I've redrawn the black channel lines trying to capture the price movement shown. this may be the trail down to the targeted area below. If the price releases one more time , it could go down to the Shark Pattern point D target. This would be a deep retracement for wave B of C of wave 2. We are due for a good little rally soon to the 275-278 area. But first I think we need a bit more downside move. This would let the "Shark" jump up out of the water and take a bite out of the bears at the buy zone indicated. At that point I'd sell the puts for a good profit and buy some calls for Christmas holidays.


this is the most likely scenario. bears in control now. i am hoping to see it break 2600 today 12/14
+1 Reply
@selespeed.tan, Could be my friend. I actually think this time it might hold 2600 (260 SPY) and quickly run up to 275-278. This move would pull a lot of fear out of the market, Santa Rally into the holidays, and bring in a lot of money off the sidelines... Heh! what a great set up for a bearish wave 2 high with a nice deep retracement back high. Then It will begin a nasty wave 3 down!
+2 Reply
Sold my puts this morning for a nice 25% win.. now waiting for the calls to fill
@budchevy, nice gap down this morning. I am trying for a deeper low, before my call buy. You have made a great trade though. Good work. Lets see the rsi give us some divergence before we jump back on the call side. If this mornings gap was 3rd of a 3rd, we should see SPY continue lower... If it was just an ABC, down instead of a 5 wave in a bigger c wave down, then you'll be champ! Regardless, I'm Proud of you for taking action brother!
canajun whiteknightmoving
@whiteknightmoving, glad i followed you here from EWT! hope you keep posting trades as time allows.
@canajun, Hello brother! glad your here to. Let's see if crazy Old Fart trades can make some money! Heh! at least you can watch me "screw up"! cheap entertainment maybe :)
canajun whiteknightmoving
@whiteknightmoving, i have been following you but in much smaller sizes! screw up are inevitable are they not? keeping the % of losses low is the best we can do. btw, i'm a CrazyOldFart (COF) myself.
@canajun, I love it! :)
budchevy whiteknightmoving
@whiteknightmoving, thanks... pullback now making me wish I would have left them on.. :)
But learning to take good wins when they present themselves is a good first step
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out