Turning Points 2.0
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.