Just a quick reminder that maybe today is not the day to be daytrading: Fed Day Arrives: Futures Are Flat But Fireworks Loom On the other hand, where there is uncertainty, there is opportunity: Amid Record Uncertainty, Traders Face Unprecedented Losses If Fed Doesn't Cut 50 Bottom Line: We have a pretty good system and track record based upon our trend models and pattern recognition techniques, neither of which takes Fed actions into account in making trading decisions. I will post again later today, via the Premium Mid-Week Update and if there is a new trade to be taken I'll cover it then. Otherwise, take the day off, or, at least until Powell's pressor thirty minutes after the interest rate announcement at 2:00 PM ET. Bitcoin Bitcoin poses a dilemma between a bullish wave count and a downward trending trend channel. It is not a high probability trade in either direction. Pass for now, but BTC is on my daily watch list and BITO options are still a highly effective way to trade Bitcoin, both up and down. Stand-by, our time will come. BITO The BITO chart suggests a doubling in price into the first quarter of 2025, if the bullish wave counts in Bitcoin and on this BITO chart are accurate. That allows us the luxury of waiting out a clear breakout of the Wave 4 channel before committing to calls. The potential upside for out of the money BITO calls is a 10X return, but before we start spending that money, both Bitcoin and BITO need to confirm their bullish patterns. The alternative is a new leg down on both charts. BITO can be cut in half as easily as doubling, if that's where it wants to go, i.e., single digits, fall of 2022.
