c505218304b50c59c3659f6dda43bae7-links-0–>New highs – yet again. This time over 2060. Both of our BULLISH put spread trades are ready to collect max profit tomorrow when the options expire. Actually, one set doesn’t expire til next week — we could probably exit those next Monday after weekend time decay to free up margin for another trade.
Together, these two trades should give us around $1,000 — which is our weekly goal.
Recall that we initiated these bullish trades twice — once at 2110 and again at 2135.
We are now in the 2155+ region.
Just a few weeks ago – everyone said to sell. Well, sometimes you have to go against the grain to get it right. If finding 3rd waves were that easy, everyone would make money in the market.
As we know now, S&P E-mini’s are now over 2160ES.
Previously, we had just completed a complex double zig zag in silver
But even then, silver is not moving up as I had expected. It is instead just consolidating more — perhaps in a i-ii wave — as long as 19.97 holds in Silver (September contract). If so, silver really needs to get moving.
Maybe tomorrow’s 8:30am Friday report will be the catalyst?
I’m coining this portion of the pattern as a Slip and Slide a-b-c reversal. — Same pattern that developed in the black S&P chart above.
Gold dropped overnight — after struggling at resistance in the 1348 region. This drop appears to have formed in 5 waves — with the 5th wave ending in an ending diagonal.
I think there is good probability that 9:40am was the low for gold — assuming the support at 1320 holds. Like silver, perhaps gold needs that 8:30am Friday report or one of those 10am reports to move? Hopefully it moves up to keep the pattern in tact.
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