Over the past few weeks there have been many false break-downs going into the last hour of trading. As we are on the lookout for a Wave 3 leg down, each one of these breakdowns should be taken seriously. The final one will not be a false alarm. This is an hourly chart of the S&P 500 and sure enough it appears to be breaking down. The Premium Service is holding the SPY July 17th $300P (although a 50% trailing stop was hit on Jun 16 - an optional exit). If out, or just for some additional time, the Aug $300P is trading at about $6.00. Since a Wave 3 down would take the SPY below the March 23rd low of 218, it's not a bad bet...nor not a bad hedge against immensely profitable TSLA calls.
