Below are some screenshots for members with our alerts – this week’s call on the S&P was spot on with an entry on the B-wave pullback into 2240 – you can see the alert below with the time stamp and all.
Russell did not participate in the rally – probably because it has advanced quite a bit back in November into December – so S&P and Nasdaq sort of playing catch up — particularly the Nasdaq – which did not budget these past few months but now is starting to show life to the upside.
The GDX position we have has been very strong – indicating a decent chance that the bottom is in for the metals.
The March GDX calls that we bought at 1.28 and sold portions at 2.13, 2.6, and 2.9 — is traded as high as 3.8. Now it’s at 3.15.
These SPY Calls are now trading at 3.4-3.8 region. It closed at 3.4, but when I took the screenshot 13 min before the close it was at 3.8 — close to 100% return in 3 days.
The Dow is displaying a clear a-b-c flat structure – the same structure that the Nasdaq had a few weeks ago – where we capitalized on that pattern – that seem pattern is appearing in the DOW:
Do you see this corrective wave 2 flat (inverse) above in the chart according to diagram below?
At the start of the New Year – we popped up, and then formed a wave 2 flat, and then a popped out of it in a wave iii. I suspect Dow 20,000 is in the cards for next week.
In the last few days of the New Year – there was unusual quick selling after attempting new highs on December 2. I think the best way to count it is that the attempt at new highs was the top of wave I with the bottom of wave II at the end of 2016.
2017 then started the pattern we were expecting for a while. We are now over 5,000 NQ.
So despite the pain of holding QQQ calls through it, holding was the right thing as we are now at new highs. But since our timing was off, we did lose some time decay value – but better than trading in and out and missing tops and bottoms.
For some reason, the Russell is not participating in the rally. I will give it til Monday afternoon as the structure is there. What happened today was possibly an A-B Mountain consolidation
Last time, I posted this chart.
I think the labeling was correct – we gave an alert at that B-wave bottom at 2240ES…
Sign up to become a member to access to premium videos and you get the insights you need to make more educated trade decisions. And yes, you’ll get join our Whatsapp mobile text alerts for weekly trade recommendations.
|Get Trade Alerts Now|