Just Business

Missed the afternoon selloff my twenty ticks because I got stopped out. Tough to take sometimes, but the point is, because I trade patterns and wave structure, as soon as I felt I was guessing what the pattern was, my reason for being in the trade was over. The pattern became ambiguous and I elected to get out and try again, but didn't get the chance.

That's just business.

If 1800.58 holds, there is still an opportunity for higher prices. But if it breaks, it opens the door to a deeper retracement, or possibly a test of 1777.23.

Hard to tell whether the market is closing in on a wave-three high or a wave five. To me it doesn't matter, since I've been selling the culmination of every five-wave structure that I see just in case it's the top. The wave structure is mature, meaning it appears to have completed -- or is close to having completed -- a major pattern. That is when I want to keep trying to get a short position.

I already have a small position in VIX calls. Willing to take a few shots on some SPY puts now. It's probably going to be a slow process requiring patience.

No need to spin the wheels too much before a holiday though. 1.5 days of premium decay to follow. Not really enticing. Not like roast turkey and giving thanks.