It's been three Sunday's since I last posted an AllAllan. To bring everyone up to speed, the most recent edition highlighted this, "Chart of the Week."
I updated that chart for my Premium Service in yesterday's Weekend Update and so you won't have to do he math, the SPY is about 45 points lower than it was in the above chart. The key question though is whether it is closer to the end, or beginning of the move down?
In the accompanying analysis made yesterday, mention was made of an Elliott Wave pattern, described as a third wave at multiple degrees of trend. To simplify via illustration, this is what it looks like on a Daily chart of QQQ:
The paid version of this service trades options based on pattern recognition set-ups across stocks, stock indices, precious metals and Bitcoin. Below is a snapshot of current Active positions. By Active, it means that these are recommended, unexpired positions that were not stopped out via the -50% hard stop that attaches to each and every trade.
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What's Next?
Analysis summarized from April 28th Weekend Update:
Stocks: A low of any significance is still ahead, days, weeks, or months. It's too early in the decline to determine when it will end.
Gold & Silver: A deep retracement from the late January highs has etched out the initial pattern of a completed Wave 4, indicating that Wave 5 to new highs either has begun, or is on the verge of asserting itself. Initial call position taken with a much more aggressive stance pending further price development.
Bitcoin: Five waves down unfolding, how far down could be problematic for holders of any crypto.
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AllAllan is my free Sunday newsletter initially published to promote my option trading service, Blue Line Trading System. It has evolved into a more casual and occasional update of my market opinion, usually written under the influence of coffee and scones from JL Patissere, Scottsdale, AZ.