Into The Close Going into the close the S&P 500 has entered its Fib 61.8% reversal box. But for what surely will be a news-event driven weekend, this would be a high confidence add-on to index puts trade set-up should it reverse here and fall out of the box. Included on the chart is a horizontal black line drawn from last week's wave 2 high. That line should not be exceeded if the bearish Wave 3 wave count is correct. The implication is a 10%+ decline dead ahead. MRNA The trade was to short (buy puts) on a close below $140.00. Unbeknownst to me (overlooked), the trade came just in front of earnings the next morning. Nonetheless, MRNA is has given up about half the gain coming out of that earnings report and should close below $140.00 a second time. If and when it does, next stop is $100.
