What a sick market!

The stock markets are really challenging the barriers of each Elliott Wave count that I am tracking šŸ™‚

Let’s start looking at this morning in the Eurostoxx 50.

During Friday I established Bear Put Spreads in the Eurostoxx 50 by buying the 3375 put and selling the 3300 put in preparation for a fast break to the downside. My line in the sand for exiting the position with a loss was the high at 3433.81. Today the market rallied to 3433.68, 0.13 from my stop and then broke hard to the downside and I managed to stay with the position, how sick is that?

Now on to the S&P 500 in the US. On Friday I decided to track the most negative count as my preferred projection and today I established a Bear Put Spread for May down at 2450 to 2405. I usually don’t want a wave 2 to correct more than 78.6 % of the previous wave and during the latter part of trading today I was looking at taking the negative position off. I had the 78.6 % level as my mental stop and the market went just to it and then turned down so I managed to stay in that position too.

The alternative count for the S&P 500 is the following and tomorrow we should see which one pans out šŸ™‚

I am on the short side for now but that could change in an instance, keep your heads up!

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