I have removed the nest of ones and twos you guys have been seeing at the highs. I didn’t like it and I found a way to balance the whole thing as a single 1-2 in blue (which you will see below).
In order for this to prove itself as a 3rd wave, it needs to get extension in it, and should be longer than blue 1 (and perhaps much longer). One ideal extension (1.618) takes us to 4175. That said, we may not go there in a straight line. We are at a fib now (the 78.6%) and it’s possible that we will see some kind of retracement. It doesn’t have to be here, and it can begin at lower prices, too, but, as a precaution, I have taken some profits and added a handful of calls in case we do get a playable retracement for an orange 2.
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I think the ride down has just started… I’m not hedging long except for what’s left of the few beaten down industrial stocks after trimming for past week…
This could definitely be the real deal. Let’s hope so, it’s my preference.