Dec puts, let's go!!!

I said I'd short at 3050+ and here we go. New month, new chart. Target 2970-2985. Going heavy on the double top or higher high here as I can say w/ 90% confidence that we are in wave (v) of 5 here on this leg up. VIX is absolutely crushed and blatant divergence of higher TFs now. End of nov puts are cheap as hell... As expected the pattern for the past few days was an expanded flat (another reason I think the top is near cuz the index loves expanded flats near the top)

Higher high could be around the 1.272 extension at 3069 but that's about it. I don't like trying to pick the top, would rather go in heavy on a wave 2 double top so waiting for that to go in heavy. Watch for a catalyst to initiate wave 1 down - trade sentiment's an oldie but a goodie.

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Triple top @ 3060 here. Nov 29 puts bought, let's see how it goes. Also puts in CRM and CAT for schitznghiggals.

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Note the resemblance the current daily chart has w/ the 2009 recovery weekly chart in terms of wave structure/count. In 2009 the wedge that formed became a leading diagonal wave 1 of 3. Most likely we will form anther wedge here. Whether it's a leading diagonal 1 of 3 of a continuation of the bull phase or an ending diagonal C of D of the corrective triangle prolly won't get resolved until 2020. I've included GOLD on here as a comparison... I think if you see gold break to new highs, it's a hint that we are in fact still in a corrective triangle.

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This wave (v) of 5 is taking forever and a day... went basically parabolic in the past wk. Looks like this could be another expanded flat wave (iv). Could continue to dump after 3077 or pump to another high then dump. Either way I can't see this wave continuing much higher. BTW not sure if anybody follows the Buffett Indicator, but according to that we're at valuations near dot-com bubble levels...

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Pay attention to 3063... a break of this level will likely trigger some massive dumping as it would likely confirm that we are in a wave 1 of a new leg downwards. Since the index loves ambiguity however, I'm expecting a bounce here.

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TLT and GOLD both @ critical support, SPY hit what I think is the last of its wave 5 waves... expecting rotation here, if SPX keeps making higher highs here I'm out.

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Expanded flat inception... same game as yesterday, but w/ 3075 as the new line in the sand. Doesn't look like a full 5 waves down, but c'mon when's the last time futures gapped down?

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Fun w/ fib spirals... not saying this is likely, but watch out if that channel breaks.

chinawildman

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chinawildman