Miners finished a nice 5 wave move from 37s to 43s and are currently on a 3 wave pullback. wave a was complete with a 5 wave structure so we should be expecting a 5-3-5 pullback.
wave b currently being completed with hopefully a retest of trump election highs and possibly to 42s. Will try to grab a long position ...
grabbed some VRX 25 calls Monday for Oct 21 for an ER play. cost basis abt 1.20 / contract
daily bull divergence and wave count seems to fit, bounced off a fib.
targeting for approx 30-ish if this is indeed wave 5 starting
possible long from 22 GDX.
possible wave 2 completion? Theres a A-B-C looking pattern that would give us 100% extension at 22.00 GDX.
That lines up with 50% fib from 12s low to 30s high. also weekly ichi cloud support.
soo... looks like bull divergence? on AO AC and stoch.
prolly not gonna do options with ...
Took a quick look at SPX again tonight after not trading it for a few weeks...
looks like we might be in a wave 2 pullback (triangle) for the wave 3 of wave 5 (brexit wave 5).
wave 4 of brexit ending in 2107s.
if we break that red channel below then we will prolly see 2090s. but that would also ruin the whole ...
looks like we just completed wave 1 of wave 3 of wave 5.
expecting a pullback to 50% of 61.8% fib.
Bear divergence on hourly & 4 hour. (this chart is hourly but 4 hr shows same divergence)
Not shorting, will start preparing to enter longs when AO and stoch RSI indicate an upcurve. prolly start position at 50% ...
Started long position today at approx 43.65 USOIL. hope this fib holds, but personally feel that it won't (even though I'm already long!)
Other possible strong support for a reversal back up I see is 41.7ish area.
1. its a fib retrace from the 40 - 49 upmove
2. It would complete a 3 wave A-B-C correction where ...
Looks like wave 1 of 5 ended at 2186.8 and we have a 3-3-5 structure building now for wave 2 in the form of a flat.
2167 is .618 fib retrace as well as bottom of channel, hoping to see spx drop till there to grab a long, but will start a long position once it seems like the 5 wave down is complete. currently looks ...
so wave 4 is more or less over for SPX (wave 4 from brexit lows) when we hit 2156.
We should be building wave 1 of wave 5 now (which should be the longest wave and extended), we will see a pullback soon. Safe place to exit my 219 calls would be around SPX 2190s (~219.50 SPY i think?) will probably take my profits ...
long USOil still from last post at 43s. wave 4 was complete with a A-B-C zig-zag 3-3-5.
unfortunately if we do wave 1 = wave 5... we won't go past 47s. will take profit there to be safe.
will have to zoom out and look at bigger picture to see where we really are.
Looks like a Flat and triangle combination for wave 4 (from Brexit), missed that in my earlier chart.
Will BTFD when we get back to the red line and make a new low, should not drop below sub-wave 4 of wave 3 though... (2147)
This last move up will be huge, at least 120 points. Wave 1 and 3 were similar in length ...
SPX currently in wave 4 from brexit lows.
2171~2172 region coincides with 50% fib of latest drop and will provide a fib extenion of 100% to 2148 region. 2148 region coincides with A-B-C down pattern from ATHs as well as a 38% Fib from wave 3 after brexit.
Shorting 2171 for 2147 and going long for final wave 5 up ...
AAPL looks to be on wave 4 of a 5 wave up from 89s, the last uptrend for aapl stopped right at the 168% fib extension from the wave 1-2 pattern
Coincides with SPX's possible wave 4 pullback? currently holding SPY 218 puts for Sept 2nd expiry.
Will wait to see how AAPL reacts when it gets close to the fib ...
oil bounced off 200 MA and gann line, last bear "rally" was 7 bars. We have a bull rally for 8 bars and break the 43.80 zone (Gann 45 degree and 50% fib of last move) and we will have confirmation of trend reversal. higher highs!!
Opened UCO 13 Strike Calls for October 21.