"Batten down" means to prepare for a difficult or dangerous situation, often by securing things to prevent damage or loss, originating from the practice of securing hatches on ships during storms. If you have been reading and following the narrative on this trading service for the past few months and in particular, since early March, you are well prepared for current market action. If not, rest assured there is more to come, as our preferred Elliott Wave projections have been spot on, with trading positions to match, putting the money bet (SQQQ calls) on sh_t hitting the fan before April 17th options expiration. Note where the count projects prices to go on the charts below. QQQ 120 Our positioning since mid February has been based essentially on this chart and EW analysis. Prices are reaching the first Fib extension target for Wave iii (circle) of 3 today, well before April 17th options expiration, with still Waves v (circle) of 3 and then 5 to come, now all likely by May 16th expiration. SQQQ Hourly A few days ago, reaching SQQQ $50.00 seemed like a pipe dream, today's top tick: $49.55. IWM Leading the market down, topping in Nov, 2024 and maybe the cleanest EW count of all. PRO Options Prices as of about an hour after today's Open. It's time to honor the trailing stops on SQQQ Apr 17th positions, locking in some to most of the gains @ 250% and 168% (if hit), or exit anytime you prefer, adding to IWM May positions with part of proceeds. We're not done with SQQQ yet, but there should be better entries for new capital ahead.
