SPX Corrective WXY Wave entering Y leg down to 2802 Support
Sand P has been more resilient than Dow and declines less, advances more. Still a short opportunity appearing now in final down leg of corrective wave.
I wouldn't hold puts or shorts below 2800- look for a strong bullish reversal into a combo (5)(V)(v) wave to new All-Time High after this correction- starting real soon.
See my Dow post too, same idea, but probably more bearish action on the Industrial index for option traders. After the storm, I'd go long SPY for more bullish action.
I'm calling this a WXY b/c it is a 3-3-3 wave pattern- abrupt, brief, less complex than an ABC, shorter timespan, and there is no discernible 5 wave impulse.
As always I'm not an investment advisor, this is not advice its an amusing education post, good luck!
I wouldn't hold puts or shorts below 2800- look for a strong bullish reversal into a combo (5)(V)(v) wave to new All-Time High after this correction- starting real soon.
See my Dow post too, same idea, but probably more bearish action on the Industrial index for option traders. After the storm, I'd go long SPY for more bullish action.
I'm calling this a WXY b/c it is a 3-3-3 wave pattern- abrupt, brief, less complex than an ABC, shorter timespan, and there is no discernible 5 wave impulse.
As always I'm not an investment advisor, this is not advice its an amusing education post, good luck!
