Ding Ding Ding Dinnggg!
UPDATE 12:00pm EST: I return from breakfast and we are close to the 704 target – nice 🙂
This is what I’m going to do: As we are touching 704 or perhaps hover above it I’m going to wait for the market to accept these levels and hold. Maybe let things settle down for an hour or so. Erik asked me if 650 is a possibility and I think we’ll get there, yes. However, we might not get there in this Minor wave and would have to wait for Minor 5 of (5). If we whipsaw around this level I might actually sell some OTM puts or get into a bull put spread, a more conservative trade.
UPDATE 12:20pm EST: Looks like the market is accepting this price level. I think we might still see 704 on the SPX but it’s not a must. I’m going to watch this for a bit longer though – not just ready to go long here.