$SPX Update

Well gawddamn. If that was the low I want to see here, we may count 5 waves up, like this:

SPX

If so, orange 4 looks small, and so it may also be this, where we have further to go, but then rally back for blue 2 to retest the 200-week SMA from above, like this:

SPX

I will need to see some more structure before I can make clearer assessments. But, at any rate, at some point (if we’re finally bullish) we will complete a 5-wave advance and we will have some kind of retracement. I have halved my calls so I am back to the number I was at yesterday, and I will keep the puts. We can still go up more. And maybe a lot more. But, I would like to see a few more things. The Dow has recaptured its Pre-COVID high, but the Russell has not:

RTY

And this structure, until we get higher, is only this strange, if violent, sideways structure. And that means it could be a corrective structure as a whole in a downtrend. So bulls are not out of the woods yet. Notice that we had a similar structure on SPX recently, that also ended with a violent move, but it turned out to be a consolidation before continuation:

SPX

So, I managed to capture a lot of that whipsaw, and I am once again long/short haha

So, let’s see what develops from here.


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