This was much easier than I had imagined, the market is headed either higher or lower and it will tip its hand in due time. I could stop here and call it a "Weekend Update," but inquisitive minds might want to delve a bit deeper, or at least look at a couple Big Picture charts to support the above premise(s). QQQ Hourly This might be the most telling and bearish chart of all, encompassing, Weds-Fri, a short-term textbook Elliott Wave five wave sequence down, followed by a three wave corrective pattern that is just begging to be shorted early next week: Note: Three-wave corrective rally right into the Fibonacci resistance zone (shaded rectangle). A hard drop out of that box next week would be a bang-the-table prelude to an acceleration down. See Daily chart below: QQQ Daily Friday's up bar closed inside up trending channel, which is bullish ony if price stays inside the channel. Monday/Tuesday become key days, right in front of the holiday. If the 1,000 point DJIA dive on Thursday was indeed only a first wave down, then once the current second retracement wave is finished, a deep wave 3, stronger and scarier than what we saw Weds-Thursday, will shake the markets. If so, the minimum expectation is set out as waves 3 and 5 on this chart and as they unfold we want to be loaded with SQQQ calls. SQQQ Hourly Inverse of QQQ Hourly chart first above, suggesting a quick move into the 30's and higher as five waves unfold into the end of the month. SQQQ Jan calls could be up 5X to 10X from current levels. Gold Gold is knocking on the door of a completed Wave 4, either now, or with one more wash-out decline, testing the wave (a) low. Stand-by for now...we cleaned up early in 2024 with GLD calls and are not done yet. Looking for a repeat of this March 1, 2024 trade...stand-by. Two-Day Stock Charts Thursday and Friday were polar opposites, bearish-bullish-can't make up our minds kind of days. What's a boy to do? Put both days into a single bar and see what makes sense. TSLA Big red bar, sitting right on top of Fib retracement zone: Bearish into last two weeks of the year, maybe testing $400? PLTR Big blue bar, breaking out of Wave iv triangle: Bullish, looking to run to triple digit print. TLT A little trickier, another Fib retracement zone could hold up TLT for a few more days, but the original target zone of low-80's to mid-70's still hold out the promise of exceptional gains on our Mar 21st $92P. PRO SERVICE: Active Options PREMIUM SERVICE: Active Options
