To provide some context for where this expected pop is coming from structurally, here is my Elliot Wave Count (it isn't shown on the chart):
- pop to targets 492-494 will complete wave v of 3 of (5)
- after this we will begin 4 of (5), which will be a pullback to as low as 475-480 to test previous ATH for support - I will be giving an update based on how this trades after hitting targets on the initial retest of 491 to begin pullback
- 5 of (5) will take us 1 leg higher to 500+ in March 2024.
The count of (5) started at the low in October 2022: (1) was the Feb 2023 high; (2) was the March 2023 low; (3) was the July 2023 high; (4) was the October 2023 low; and now we are working toward completing (5).
This is (5) of a larger degree b wave, which is not the norm (generally ABC structure).
Don't short this until after (5) completes, but at the same time don't go all in bullish because after (5) completes there will be significant downside in the form of a c wave.
I've been playing this by swinging near-term options and not getting greedy. Take these profits when they come - not financial advice.