EEM looks to be entering into a third wave down which could lake the index into the low 30's: These Jun 16th $40P have been as high as 3.00 during its intiial leg down, but could double that before Wave 3 finds its lows. The Fibonacci extension tool is suggesting $34-30, taking those puts to $6-10 from its current pricing of 1.55. IWM 2 hour IWM is breaking down today and thus sets the stage for a deep dive into Jun 16th expiration. These puts were entered on April 12 and remain attractively priced for a new leg down in the Russell over the next two months. I am looking for 5X by Jun expiration, minimum, from the illustrated, "Wave three's down at multiple degrees of trend." Bonus: SPY M-O-B 400 Make or break: SPY <400 leads to acceleration down
