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Member’s Video for Tuesday, February 6th, 2018
The biggest intraday point drop in the DJIA ever. Simply amazing. Is the top? IF history is any guide and we’re looking at the new taper tantrum with J Powell in office for 8 hours, does the Fed have the conviction to raise rates with stocks coming off all time highs? Let’s focus on our last-ditch wave 4 support zone before we can officially call the top in place.
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What about a straight up directional option play? Does the volatility negate it’s effectiveness or is there a favored strategy when trying to time a cover bounce?
Todd,
Glad you mentioned the Elliot Wave folks interpretation. Personally, I think we are done and at Wave 5, dropping now into a 5 wave decline. It will be interesting to see if we drop further below the trend line but a positive bounce can occur in either scenario.
That’s my 2 cents,
Bob
Hey guys. So much action in the market, had to snag the 1mth trial 🙂
I’m wondering if we’re operating off the wrong SPX count. I ran an overlay of SPX and DOW. Since macro markets move together, I figured using DOW count may solidify/align alternate SPX count.
I know the corrections (especially wave 4) aren’t clean. However, each wave is of similar length. Also wave 3 is 1.618 of wave 1, and wave 5 is 1.618 of wave 3.
Sorry, it’s just on TradingView so it’s messy with lots going on.
https://www.tradingview.com/x/VMPMCMFw/
Love to hear thoughts. This count suggests the same as Bob that a top is in. I’m weak at projecting correction targets but if this count is reasonably acceptable I’d be interested to hear correction targets based on it. 🙂
See ya at the webinar.
Nathan
Todd
Usually in a market like this gold tends to go higher. But I see that it is still within the triangle. Can you please explain?
Thanks
Miguel
Institutional selling, commodity sell off, possible etn liquidation, (https://www.bloomberg.com/news/articles/2018-02-06/volatility-jump-has-traders-asking-about-poison-pill-in-vix-note), lack of explanation, use of the word “bloodbath” in the news, and the fear in your voice tells me we’re about to make some money.
Let’s do this Flash Crash Gordon.
Hi I was not able to close my SPX option trade on time and Now running a $9800 loss . What do you recommend? the expiration is not till March but tomorrow might see a bigger loss. Please give me some guidance .Waiting Anxiously
Anita – Yikes! You were supposed to close the SPX trade as close to mine as possible. Why did you wait? If you don’t get my exact price you should have exited as close as possible. When I get out you should never wait b/c you don’t get my exact price. GET OUT. You will need to work out of this trade as soon as possible.
Where can I find the video of you and Bob Prechter?
I gotta be thinking butterfly plays soon. Question is, when will be the best time to deploy?
When will today’s webinar be posted for those who missed it?
Hi All – I responded to everyone’s comments in the member video for Feb 7th!