I don’t really understand the structure. It we were in a triangle, I would expect us to head lower. But a lot of time is passing, and it’s possible that we don’t.
There are many, many ways to count the decline as a whole, and none of them seem great. If we don’t fall sharply, we may just be in something weird. We’re clearly consolidating for over a week now, and I can’t know if that’s accumulation or distribution. There is something of a little wedge that has formed on futures (the red structure) and if it breaks up, it’s promising for the bulls. Because I don’t really know what we’re doing (I was expecting a strong move down and don’t see it yet), I have trimmed some of the puts I took yesterday and added some calls until I see something clearer.
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