$SPX Update

Carrying forward the work begun here, this feels too deep for a four, and so it’s possible that it’s a 2, like this:


It is also possible, given the depth and the fact that the drop may be in seven swings, that where I have the orange “a” is also the blue “2,” as well. I’m not yet sure. I have retaken half of the calls I dumped this morning, and since those had doubled overnight, these are free, so I don’t mind if I’m wrong just yet. I will hold my longer-duration puts in case this turns out to be the elusive Green 4 at the high today and in case we do end up making new lows for Green 5 (I can’t easily justify that additional drop right now given the size of this rally, but it’s still possible).

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