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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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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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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UserOfTheReddits t1_j64ugz4 wrote

Im under the impression that buying more eggs is indeed the correct play

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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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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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HAVE_GOOD_DAY69 t1_j64z0h2 wrote

Replying to Manic-Christian (#1,534,233)

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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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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Ok_Manager3185 t1_j650vhy wrote

Replying to Manic-Christian (#1,534,464)

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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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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Okbutbushdid711 t1_j656wid wrote

Replying to Manic-Christian (#1,535,095)

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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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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StockNinja99 t1_j667fvm wrote

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

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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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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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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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