Carrying the thoughts from earlier forward again.
If this is a “1 down 2 up,” we should be entering the 3rd wave down. It should be a doozy. that said, I am not thrilled that we have made an “h.” Peter Reznicek calls them “hell for shorts,” because it can mean that they’re unable to gain traction to the downside.
I am also not thrilled (for the bear case) about the H&S forming on the $VIX:
It is also possible to count today as a 1-2 up:
To accommodate this new information: IF we recapture the June low, I will trim some of the puts while we are still down here where they are worth more and add a few more calls, titling my position more bullishly. If we’re going to crash, puts are miracles in those anyways so I think will still be ok.
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