Despite I have been expecting strong sell-off in SPX/SPX500 I have to change the view to a bullish stance. SPX can be interpreted both ways but SPX500 is subdividing from its top on 8th of Aug in a clear 3-3-3 wave pattern. This makes me suspect we are in a bear trap right now. If the price declines and reverses I will be opening long positions to catch the final motive wave of this correction that can last a week or so and should be a strong impulse wave move.
This will coincide with my bullish bet on USOIL and smaller oil stocks. I also see that individual stocks that I have bought puts for (FB, WFC, HPQ etc.) are poised for a short-term bounce as they completed wave 1 down. I think I will sell some of the puts to lock the profit and reenter in a weeks time.
This will coincide with my bullish bet on USOIL and smaller oil stocks. I also see that individual stocks that I have bought puts for (FB, WFC, HPQ etc.) are poised for a short-term bounce as they completed wave 1 down. I think I will sell some of the puts to lock the profit and reenter in a weeks time.
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