Now Reading
Turning Points 2.0
196

Turning Points 2.0

Turning Points 2.0

by The MoleFebruary 25, 2009

UPDATE 10:20am EST: Good morning rats! So, as of now it seems we are completing Minor 3 of (5), but we now find ourselves at yet another inflection point.

IF we’ll get a zigzag (the blue scenario), then this is about where we would retrace. I’m not sure what the odds are on this but it’s something we should allow for. I grabbed a bag of April 70 SPY puts around 770, so even it happens I’ll probably just sit it out.

Silver (and Gold for that matter) has retraced back up but thus far my July SLV puts have not been punished yet – thank you Mr. VIX! I think I will hold those suckers until that 16 mark I’ve drawn on the chart.

UPDATE 11:47am EST: I just hedged myself uphill with some NQ contracts – took the edge off those SPY puts. I’m not sure we’ll bust all the way to 790 but it’s a possibility. Of course that would most likely change our wave count as you remember.

UPDATE 11:56am EST: Yen just woke up:

I know this correlation has been ‘soft’ lately but I’m fairly certain it won’t help equities if we bust higher.

More longer term wrapped in a 2.0 BB – wow – how long can this go on? A while but eventually it always snaps back.

Sign up here to receive my FREE early morning briefing:

About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
Enjoyed this post? Consider a small donation to keep those evil deeds coming!

BTC: 1MwMJifeBU3YziDoLLu8S54Vg4cbnJxvpL
BCH: qqxflhnr0jcfj4nejw75klmpcsfsp68exukcr0a29e
ETH: 0x9D0824b9553346df7EFB6B76DBAd1E2763bE6Ef1
LTC: LUuoD6sDWgbqSgnpo5hceYPnTD9MAvxi6c
PayPal: https://paypal.me/evilspeculator