My primary count has Minute wave 1 ending on Friday. Minute wave 1 took 8 days to complete, so it’s reasonable to expect Minute wave 2 to last 5 days (8:5 Fibonacci relationship). Today, we saw an A wave higher followed by an ascending triangle B wave. Of course, we must adjust as the market plays out, but this is what I’m thinking. I’d like to add to my short positions during the final C wave later in the week. (Link: Elliot Wave Notation)
– PLAYING THE WIGGLES AND SQUIGGLES — oh what fun ::)
im just hanging tough. im holding mostly MAR APR MAY puts and none are behaving badly so far. they are going to have to do alot more to get me nervous as they are far from any change in trend. the painful last steps up are going to be repeated on the way down.
GOOD LUCK TRADING!
Richard, are those SPY Puts?? I have March 85 SPY puts and good amount of February 108 SPY Puts (iv been trading these on and off, should have lightened them up on friday).
Do you think we are gonna test the 200 day MA on SPY after the retrace back to 1100-1120? Today’s close looked bullish as SPY went over 109 but I think maybe its too much for the bulls to push it up to 1120. Thoughts? thanks for your help, your posts are really informative, keep up the great worK!
Richard – pls can you share your thoughts / tgts on JNPR …
Looks like a correction is over and another run up to new highs could happen-
Then fall back down to new lows
Thank you for posting. I like the 8:5 Fibonacci relationship you suggest.