Most people are thinking that we'll see a correction that goes back to the $560 area and then from there, we'll go to new highs. They also don't think it's likely that we'll retest the lows from April and think it's nearly impossible that we'll break the lows.
However, my base case is that we will break the lows. Yes, in the past, most dips like the one in April were good buying opportunities, but the chart looks different here.
You can see that ever since April, all we've done is consolidate up into a rising wedge.
We look set to break down from that in the coming days. If we do break down and are unable to reclaim the highs, then I think my base case will become the highest probability outcome.
I think it's likely that the move down will take us to the $424- 402 levels. Let's see what happens.
However, my base case is that we will break the lows. Yes, in the past, most dips like the one in April were good buying opportunities, but the chart looks different here.
You can see that ever since April, all we've done is consolidate up into a rising wedge.
We look set to break down from that in the coming days. If we do break down and are unable to reclaim the highs, then I think my base case will become the highest probability outcome.
I think it's likely that the move down will take us to the $424- 402 levels. Let's see what happens.
Note
Bought some $585P for 7/11 and $600P for 7/18 when price hit $602.21.Demark 13s triggered yesterday both combo and sequential on SPY and QQQ. Feel like we should see a flip down in the coming days.
Note
Bought $600P for Friday.Note
Looking like a top is in to me now. Added $480 for 8/15, and a ton of others.Note
If we do get one last push up, it should be to $620-623 (which would be the top of the bollinger band on the 2D). Already above it on the 1D. I'll add a final position up which would be closer to ITM.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.