Big Picture Below are 3 hour charts of all three major indices, all following identical paths to finish off a retracement channel before the start of a new leg down. First, the "Wave C" of (2) up channels will be broken and then follow-through declines breaking below the respective Fibonacci retracement windows. Once all three have completed their reversal patterns, the stock market will be in melt-down mode toward new 2022 stock market lows. SPX 3 hour IWM 3 hr QQQ 3 hr UVXY 2 hr UVXY could be the canary in the coal mine as a breakout above double parallel channels would lead/confirm that the big picture has finally turned into that elusive Wave 3 down. TSLA Below are the two TSLA call positions that are currently in the Blue Line Premium - Intermediate Term - Options Portfolio. When the Nov 18th 2022 calls are exited, either via a stop or expiration, they will be replaced next with TSLA 2024 LEAPS. TSLA Hourly TSLA is in a world of its own this week, awaiting the annual shareholders meeting on Thursday where it is expected to approve and announce the details of the 3:1 stock split. With the shares up about 2% today, the Nov 18th $1200C is trading at $3,515, up approximately 20% for the day.
