This is a compilation of posts sent out late last week to the Blue Line Trading System two paid subscriptions services, suggesting that traders "stay the course" in our IWM puts and SQQQ calls, our "sh_t hit the fan" money bet with Apr 17th SQQQ Calls (see trade table below).
"Batten down" means to prepare for a difficult or dangerous situation, often by securing things to prevent damage or loss, originating from the practice of securing hatches on ships during storms.
If you have been reading and following the narrative on this trading service for the past few months and in particular, since early March, you are well prepared for current market action. If not, rest assured there is more to come, as our preferred Elliott Wave projections have been spot on, with trading positions to match, putting the money bet (SQQQ calls) on sh_t hitting the fan before April 17th options expiration. Note where the count projects prices to go on the charts below.
QQQ 180 Minute
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Wave (3): You’ve marked Wave (3) as reaching 387.84, which corresponds to the 161.8% Fibonacci extension of Wave (1) projected downward from the Wave (2) high. This is a common target for Wave (3), as it’s often the longest wave in an impulse sequence. The price hitting this level supports the validity of your count.
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Wave (5): You’ve projected Wave (5) to reach 333.32, based on the 261.8% Fibonacci extension. This is calculated by taking the length of Wave (1) to Wave (3) and projecting it downward from the Wave (4) high of 425.90. The 261.8% extension is a typical target for Wave (5), especially in a strong trending move, so this target is reasonable."
Our positioning since mid February has been based essentially on this chart and EW analysis. Prices are reaching the first Fib extension target for Wave iii (circle) of 3 today, well before April 17th options expiration, with still Waves v (circle) of 3 and then 5 to come, now all likely by May 16th expiration.
SQQQ Hourly
A few days ago, reaching SQQQ $50.00 seemed like a pipe dream, today's top tick: $50.25 (Edit: SQQQ printed $50.38 before Friday's close.)
IWM Daily
Leading the market down, topping in Nov, 2024 and maybe the cleanest EW count of all.
Trade Management
With yesterday's IWM put additions, short-market options now span out across three monthly expirations, April-May-Jun, it's time to honor the trailing stops on SQQQ Apr 17th positions (if hit), or exit anytime you prefer, adding to IWM May positions with part of proceeds. We're not done with SQQQ yet, but there should be better entries for new capital ahead.
Recommended Option Trades
This is a summary of our option positions that have cashed in big time with the recent market decline, Best part, the fun has only just begun (see Grok analysis, above).
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