DJI Short Setup & Measured Move to ~32k
Updated
Dow Jones Industrial Average is overbought. I can tell without using RSI or any other momentum indicator. Thus, we have our short setup for this week.
The ellipses point towards a very steep angle down, which could serve as a prime example for how far it can move vertically downward on peak selling. This can be very useful when measuring subsequent projected moves for future shorting and could offer some valuable insight into what kind of Elliott Wave correction might be forming on the monthly chart.
I'm already long DIA Puts held over the weekend, but Ill be adding to these two specific strikes/expirations if there's any sort of opening pullback upward. See below for details:
Contract 1 - Long DIA Put (1/3rd Total Position) - 342 Strike, 1/28 Expiration
Contract 2 - Long DIA Put (2/3rd Total Position) - 340 Strike, 2/4 Expiration
For those new to my options plays, I only list the speculative long positions that I have and not the short call positions that I intend to open because most do not have access to such methods. I will be shorting the calls two bucks above the open for 1/28 exp.
Anywho, the elliptical geometry seems to be leaning towards an incredible 5000 point measured move down vector that will likely start and end in the same trading day! Unless that triggers a circuit breaker on an equivalent move down in SPX, itll be an all time record for sure.
-Ellipti-Pig
DJI
SPX
CURRENCYCOM:US30
CURRENCYCOM:US500
DIA
SPY
The ellipses point towards a very steep angle down, which could serve as a prime example for how far it can move vertically downward on peak selling. This can be very useful when measuring subsequent projected moves for future shorting and could offer some valuable insight into what kind of Elliott Wave correction might be forming on the monthly chart.
I'm already long DIA Puts held over the weekend, but Ill be adding to these two specific strikes/expirations if there's any sort of opening pullback upward. See below for details:
Contract 1 - Long DIA Put (1/3rd Total Position) - 342 Strike, 1/28 Expiration
Contract 2 - Long DIA Put (2/3rd Total Position) - 340 Strike, 2/4 Expiration
For those new to my options plays, I only list the speculative long positions that I have and not the short call positions that I intend to open because most do not have access to such methods. I will be shorting the calls two bucks above the open for 1/28 exp.
Anywho, the elliptical geometry seems to be leaning towards an incredible 5000 point measured move down vector that will likely start and end in the same trading day! Unless that triggers a circuit breaker on an equivalent move down in SPX, itll be an all time record for sure.
-Ellipti-Pig
DJISPXCURRENCYCOM:US30
CURRENCYCOM:US500
DIASPYNote
To clarify - the MM down would not start today, but on the second attempt at the ATH back at 36,500.Trade closed: target reached
No more bearish for now. Even DJI is bullish.
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