US 30 in ABC secondary correction; long-term outlook: Bearish
Updated
Here we go again! Expect bearish next week, brief relief rally after FOMC, possible retest ATH; then the real drawdown.
Just another crackpot idea; trade at your own risk! GLTA!!
Just another crackpot idea; trade at your own risk! GLTA!!
Trade active
Covered my short puts on the hedge and added to the long October 270s. Also in SPY 297, QQQ 190 October puts. We got a bear engulfing in the 15mins. GLTA!Note
Sold more OTM puts to hedge and now it makes a lovely bear wedgie... covering!Trade active
Index respected upper channel TL today but I reckon a surprise upside breakout is very likely. A news-driven rally could well break above the channel and run quite high. I closed my put farm today actually made out okay, as gaps tend to close. There will likely be a FOMO explosive burst before the rollover, surrounding FOMC on 31 July. Possible new ATH on 2 Aug or in week of 5 Aug. Don't stay too late at this party.
Trade closed: target reached
Yeah that mini-correction appears to have completed at 27080, My post above came true an hour after I posted it: "A news-related rally..." LOL. Next stop: the Moon.
Note
BRIEF DIVERGENCE IN US 30 IS BUY OPPY! GO TO MOON!Note
Weakness in DOW and DJT transports suggests rotation is near. FAANGs driving the rally now, it' not broad-based. Sucker trap- fool's rally. Expect a washout ATH following FOMC before the throwover. Dont' short too soon!
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