We were looking to Short SQ on a breakdown below $67.00 ("Trade of the Week") in the days ahead. Two changes (1) Move the trigger level to a break below $70.00 and (2) add the Sep series as an alternative to Jun expiration for the $65P, (table below). Wave 2 could be over, in which case it will be straight down from here. Any dip below $70 would be bearish enough to assume a fresh leg down has asserted itself, targeting mid $50's, minimum, mid $40's possible. SQ SQ Jun 21 $65P SQ Sep 20 $65P Gold It's too early to assume Gold's Wave iv is over, thus jumping into fresh GLD calls. Nonetheless, Gold is should be monitored for a signs of a new leg up, likely kicked off by a gap-up Open with continuation. It's not there yet. TSLA TSLA is taking a breather after rising from its low of $138.80 on April 22nd to a high of $198.87 one week later, a rise of 43% in five trading days. According to this wave count, a run now to take out that high would be highly suggestive of the beginning of a third wave and a $100 move up through this summer. Alternatively, this correction has days or weeks to go before TSLA is ready to take off in that third wave. If it can retake the $180's (thus breaking out of the retracement zone), expect an aggressive new call recommendation. Currently: Treading water in the Fib retracement zone.
