Mind Numbing

I’m going to make this extremely short and sweet. We are at a crossing point tonight as wave 3 needs to start making a sharp drop very very soon. Something like this:

Minor wave 3 drops sharply.

Unless we see some conviction and panic selling starting either tomorrow or early Monday, thus driving the market down very sharply we might have to accept that the ‘mother of all theta burners’ is unfolding:

Wave 2 is still in the running and more sideways action before we go up.

Yes, we are talking wave b (circle) of 2 here, which would be painful, at least for the coming days. We are talking more frustrating choppy sideways action, just the way we have enjoyed for the last two weeks. Frankly, I’m mixed here – for minor 3 to be happening we need to see some real action here, and that soon. Today’s market almost put me to sleep – I mean just wake me up 30 minutes before the market closes please. I could have learned a new language in the last two weeks. But this is exactly how the market operates – it frustrates you to no end before it makes a big move.

That’s it – the good news is: we shall know soon – very soon. I sincerely hope we’re dropping hard tomorrow. Not because I don’t want those cheaper options and added downside potential, but because I’m getting bored out of my mind sitting mostly in cash for almost three weeks now. Patience, grasshopper, patience… it will happen – as they say: You can run but you can’t hide 😉