Rechecking some fib work here. Yesterday we had that perfect strike at the low (here). Now that we’ve broken that, is there anything I can do?
Yes, there is. It all depends on “where” the top of this decline begins. The post from yesterday assumed it was the “highest high” in price up there, but that may not be the “technical high,” which was the thought from the other day anyways.
Using that triangle high as the high, you can see that once again, we have a perfect fib strike here. So, I’m back in the same boat. I can justify a low here. If they’re going to rally us, they’re going to shake people out as best they can first, and this could be that. We have a bullish wedge, and it’s bullish until it’s not. We have good fibs. So, my positioning right now is: 4:1 long: short. And I have resold some bull put spreads (I can’t help it, sorry, I’m addicted to them lol). I have retaken all of my calls at better prices and will keep some of the puts as a hedge in case I’m wrong. The thinking is, if this fails, it should fail dramatically and the many fewer puts will go up parabolically; if we rally, then I won’t lose much on the put side. Let’s see what happens!
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