Morning Update: SP500 needs to take out 4080 for confirmation

22 באוג׳ 2022

We’ve had a nice retracement from the low 4300’s but until price can get below 4080 there’s still a chance this could be a wave 4 of 5 of a and pressure is up. However, that is not my primary analysis. As my followers know I believe we have struck our B wave high and are now carving out our pathway to new lows. If I’m right, then it appears this wave 3 down on the above chart must extend even lower. I would like that extension to take us to the 4200 level sometime today.

Let’s see what clues are provided in the trading day.

Trade Update: The 4400 Aug EOM calls I sold 1.5 weeks ago for $16.50 are almost worthless and it appears I will keep 100% premium. I hope to educate my followers on these types of trades as they are fun to do and affords the trader considerable wiggle room to be wrong.

Trade Details Here:

Best to all,

Chris

PS: I’ll be on vacation from 9/1-9/15 and will not be posting during that timeframe. I may be able to respond to DM’s.