We have left the stage of LPS and are now looking for signs of strength (SOS), potentially a wave iv (green count), followed by another higher high.
The current wave can also be the (c) of an (a)(b)(c), in blue. If correct, we may see a decline again – despite the fact that price just consolidated for 8 days. However it would make sense in correlation with QQQ . Just as a word of caution.
Potential resistance zones are:
Professional traders are complaining they get chopped up in the past days. We can avoid that by:
– Selling option premium to generate income from time decay (Deribit link below if you are interested)
– Avoid having an opinion what the market ‘should do’ and take small steps (and positions) at a time
In my analyses I combine , theory, and planetary aspects to identify turning points in the markets & derive high-probability trading ideas. The strategy is to build leveraged exposure when markets are likely to expand, and to use options premium decay for consistent income when markets may contract and range.
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These abbreviations in the chart describe ideas that are provided as educational information and do not constitute financial advice:
STO = sell to open
BTC = buy to close
BTO = buy to open
= sell to close
TD = Theta Decay (for example a strangle or iron condor)
The views and ideas expressed in this analysis are that of the maker. They are provided as educational information and do not constitute financial or trading advice.