c505218304b50c59c3659f6dda43bae7-links-0–>Lately I’ve been on fire with multiple trades each week all profitable. Unfortunately, the win streak came to an end today as we broke the critical 2153 ES support and stayed there for a while. I exited the bull put spread near the 2150-2151 region for a loss of I believe $1,000-ish.
While the trade didn’t turn out perfectly, one thing I did do well was exit on the bounce up towards 2051 in the afternoon. I could have easily panicked in the low 2140s and exited for a bigger loss.
At this point, either the afternoon pop is the 4th wave pop before a wave 5 down. Or it’s the beginning a b-wave that should go a little higher towards 2160 before reversing.
The alternative is an expanding 4th wave where the Sunday night high was the top of the b-wave and today’s low was the c-wave down.
So far in after hours, the market is touching 2154 – so it’s a little stronger than I expected given the big drop in the morning.
While one trade against us, the other trade in silver gave us more profits. So overall portfolio should’ve still been ok.
Today’s S&P500 Daily Chart
Today’s S&P500 Hourly Chart
If former support at 2053 is now resistance — if resistance holds at 2052ish, then we should get a 5th wave down before reversing in a potential b-wave.
The alternative is an expanding 4th wave where the Sunday night high was the top of the b-wave and today’s low was the c-wave down.
Prior S&P500 Prediction
Well, the my prediction didn’t happen. We got close to the 2180 level on Sunday night, but stopped near 2178 and then reversed.
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