Perfect Elliot Wave forming to YOLO on SPY PUTS

Submitted by Manic-Christian t3_10ms4ec in wallstreetbets

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https://preview.redd.it/nipmang4pmea1.png?width=2067&format=png&auto=webp&v=enabled&s=7afe79e915d6d20a3542d908552199215dce9741

I'll make it quick my fellow regards.

If you don't know about Elliot Wave you can read here: https://www.investopedia.com/terms/e/elliottwavetheory.asp

Basically, if you like Astrology for Men (AKA Technical Analysis) a perfect Elliot Wave is forming for a further market crash. I drew these doodles back in November (believe me or don't; doesn't matter) and the SPY is tracking perfectly.

Will it happen.... who knows? But with the FOMC coming next week we look primed to finish the correction wave C thingy and go into a mega crash wave 3.

Yolo Positions: SPY PUTs $350 5/19/22 EXP

EDIT: Just moved pic to the top

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Comments

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HAVE_GOOD_DAY69 t1_j64vicc wrote

So what I'm seeing is I need to buy calls for next week while we continue to ride up to point C. EZ money baby!

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Manic-Christian OP t1_j64x7x0 wrote

That is my short term play as well yes sir

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HAVE_GOOD_DAY69 t1_j64z0h2 wrote

On a real note, once it did surpass the "line of death" especially the S&P topping its mid Jan peak I loaded up for the short term. If it passes the Dec 1st resistance area, things will get interesting. Next weeks earnings are going to tell a big story for what is about to happen. You have some very heavy hitters reporting next week.

-I'll be lookin to exit and go bearish next week

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Okbutbushdid711 t1_j651m41 wrote

Its all in the Feds hands now. If Fed raises rates less than expected we will moon short term. Same as expected moon, more than expected plummet. Next week will be interesting.

One or two week bullish, long term bearish?

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Manic-Christian OP t1_j6530uy wrote

Agreed. If the fed does less than expected it will moon for sure. That’s going to be the peak of the C wave. However once it moons I’ll continue to load up for a more longer term bear positions

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Okbutbushdid711 t1_j656wid wrote

Couldn't agree more. Im thinking LEAPS puts like 1 to 2 years out. I gave up on trying to predict the short term trends. Once the tides turn maybe some shorter term puts and spreads.

No data coming out is screaming "RECESSION IS CANCELLED" to me. Unless Fed starts cutting rates which I don't think is very likely in the short term.

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hehethattickles t1_j66u6e5 wrote

If the fed does less than expected we are straight mooning past that C and crushing this notion of a wave

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Ok_Manager3185 t1_j64yk5v wrote

I have a bunch of 404p and 403p for 1/30 and i need some CONFIRMAITON BIAS, PLEASE and thank you 🙏

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Manic-Christian OP t1_j64yurn wrote

I'm sorry homie but that's gonna be a bit too early I think. I'd roll them just a bit further out while you still can today if I was you.

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-Obviously not financial advice because I'm a regard

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Ok_Manager3185 t1_j650vhy wrote

Fuuuucking hell. Yea you might be right. I'm gunna just hold through the weekend and maybe market open monday drop them and join whatever momentum seems to be happening. If any news occurs, im like 99% sure it wouldnt be news that drives the market up in any meaningful way. Maybe a nuke will go off in russia and my puts will print

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Shakedaddy4x t1_j677wb6 wrote

I'm with you on the puts, but a 2022 expiration date... that's some weird quantum physics shit

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whatwouldjimbodo t1_j64rtbz wrote

I'm bearish but the elliot wave has been calling for a major crash for almost a decade. But then it goes higher...

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Slut_Spoiler t1_j65t02u wrote

Don't we have a TA or chart flair for this? I did stretches before opening the DD link expecting more than 2 paragraphs.

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VisualMod t1_j64rg9a wrote

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VisualMod t1_j64rgyp wrote

>It is certainly possible that we could see a market crash in the near future. However, it is also possible that the market could continue to rise. I believe that it is important to be prepared for both scenarios.

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jonaslaberg t1_j64ryhv wrote

In other words, a comment completely devoid of meaning.

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tehs1mps0ns t1_j650498 wrote

But but but.... SPY broke the trend line! I'm sure some other TA says it's bullish!

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StockNinja99 t1_j667fvm wrote

Elliot wave is the silliest of TAs but I am also bearish so 🤷‍♂️

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inverse2win t1_j6a1smv wrote

...so you also the silliest of all people? 😏 gottem!

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yao97ming t1_j66ya0n wrote

There is no way u drew those lines back in November with the stock prices stopping exactly on your lines? Wtf

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budsonguy t1_j679rm7 wrote

Mama’s Wrong again

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Rude-Calligrapher253 t1_j685diy wrote

I agree. Nothings changed. Everything projected to worsen. Feb 1st FOMC rates up again. Surprised pikachu face.

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Jigan93 t1_j6nfnr2 wrote

My boi's puts expired in 2022

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