Late Edit: Around mid-session two alleged Russian bombs landed in Poland, a potential geopolitical black swan to say the least. As a result, UVXY went up from $8.84 to $9.75 in about an hour, that's how quickly things can change in this environment. Now, 90 minutes before the Close, the markets have calmed and UVXY is back down to $9.30. It's going to be like this through Thanksgiving, and maybe Christmas. Brace. FTX ----> Black Swan Event? Be on the lookout that FTX scandal is NOT contained a few unfortunately bag holders. More on this if necessary. Meanwhile, as the SPX chart illustrates, the upside is capped at the year long trendline coming down from the Jan 3, 2022 top, about 100 SPX points higher. SPX 2 hr The downside is a different story altogether, with about 1000 SPX points lower possible. Yes, a black swan event, whether it be FTX or something not even on our radar for now, could fuel the Wave 3 at multiple degrees of trend narrative with the "whys" and provide explosive returns on Dec and Jan option expiration positions. SPX 1hr DJI 2 hr If this is published earlier in the day it means that the DJI has dropped below 33,000 and time is of the essence. Note the signficance of not only 33K but 32K as well, both on the right axis. Below 32K should eliminate any doubts that the third wave down scenario is in force. QQQ 2hr Add Puts on a CLOSE below 280.00 IWR 2 hr Every touch of declining top channel line has been worth 10+ IWR pts over subsequent 4-6 weeks. VIX 2 hr VIX 30 Next Trigger: Buy UVXY Dec 18 $9C or Jan 20 $10C on a VIX CLOSE above declining trend channel UVXY 2 hr Next Trigger: Buy or Add Dec/Jan Calls on UVXY CLOSE above $10.50
