Subscribers have reported doubling out of put positions initiated at or very near the recent, precisely predicted high, presumably leaving themselves with enough contracts to swing for the fences. Please let me know in the chat room where you stand, since that will allow me to fine-tune my guidance. Regardless, the immediate downside target is the 370.30 Hidden Pivot support shown in the chart (inset). Judging from the decisive penetration of the pattern’s midpoint pivot at 374.60, sellers have enough steam to get it to D. FYI, a pop up to x=376.75 in the meantime would trigger a theoretical ‘mechanical’ short, stop 379.00. _______ UPDATE (Sep 20, 1:04 p.m.): There is no avoiding a test of the 359.96 low recorded on Aug 19. This will create a tradeable opportunity, so nudge me in the chat room when the time comes if you are interested. In the meantime, your trading bias should be short. Here’s the chart. ______ UPDATE (Sep 21, 10:08 p.m.): Short-covering bears hit the panic button well shy of the 359.96 low noted above, implying they were all but certain the Cubes would bounce from near there in a big way. Their certitude means a test of the low is likely, but even so, we should not get in the way of the bounce, which looks headed into a gap between 369 and 372. _____ UPDATE (Sep 23, 9:53 p.m.): Bear buying filled the gap, but without surpassing any prior peaks. We’ll hang back and see what Friday brings.
QQQ – Nasdaq ETF (Last:369.55)