if my count is correct, we completed wave 4 of this down leg this morning and now in the middle of wave 5. my initial target for it is 195. We should get there by Monday / Tuesday. Worst case scenario we might get down to 180 before or right after ER.
Macro-wise, SPX is in the middle of wave 3 - very nasty and destructive. My target for early next week is 3390. That should coincide with TSLA 195. After a small bounce, SPX will complete its 5th wave around 3250 the week after
What does it mean?
A. Hopefully TSLA will bottom before SPY as its wave 5 will have bottomed before that of SPY
B. How deep our wave 5 goes will depend a lot on how well ER goes.
C. However deep this wave 5 is, it will mark the end of the crash and we will begin a strong and sustained bull run.
Be careful it will get worse before it gets better. I hope everybody has stayed away from leverage.
View attachment 864000 buy SQQQ shares / calls if hedging is neccessary. My target for it is 90 before this crash is over.
If anyone needs advice during trading hours, feel free to reach out to me during the day. Hope I will see everybody on the other side, unscathed.