Morning Update: Santa is UNACCOUNTED FOR
In this last week of trading in 2022 it appears many traders are finding coal in their stockings as the Santa Rally phenomenon is not materializing. Ideally I would like to see a rally into b of B target box above 3917. However, it is possible this b wave is not structuring itself ideally and may be a triangle as outlined below.
If this is the case, then we will continue to bounce around here while consolidating...only to push lower next week in our c of B into the 3761-3647 area. If this is the case, we should finish off B and embark on a rally to the 4300 area.
This will be an epic rally that has much meat on the bone for traders. I am expecting this rally to have markets up 20% from now before we top sometime early 2023.
Trade Alert: For those who sell premium (like me), I'm eyeing short puts upon the conclusion of our larger B wave bottom.
Best to all,
Chris
If this is the case, then we will continue to bounce around here while consolidating...only to push lower next week in our c of B into the 3761-3647 area. If this is the case, we should finish off B and embark on a rally to the 4300 area.
This will be an epic rally that has much meat on the bone for traders. I am expecting this rally to have markets up 20% from now before we top sometime early 2023.
Trade Alert: For those who sell premium (like me), I'm eyeing short puts upon the conclusion of our larger B wave bottom.
Best to all,
Chris
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