US 30 in ABC secondary correction; long-term outlook: Bearish

Here we go again! Expect bearish next week, brief relief rally after FOMC, possible retest ATH; then the real drawdown.

Just another crackpot idea; trade at your own risk! GLTA!!

Trade active:

Covered my short puts on the hedge and added to the long October 270s. Also in SPY 297, QQQ 190 October puts. We got a bear engulfing in the 15mins. GLTA!

Comment:

Sold more OTM puts to hedge and now it makes a lovely bear wedgie... covering!

Trade active:

Index respected upper channel TL today but I reckon a surprise upside breakout is very likely. A news-driven rally could well break above the channel and run quite high.

I closed my put farm today actually made out okay, as gaps tend to close. There will likely be a FOMO explosive burst before the rollover, surrounding FOMC on 31 July. Possible new ATH on 2 Aug or in week of 5 Aug. Don't stay too late at this party.

Trade closed: target reached:

Yeah that mini-correction appears to have completed at 27080,

My post above came true an hour after I posted it: "A news-related rally..." LOL. Next stop: the Moon.

Comment:

BRIEF DIVERGENCE IN US 30 IS BUY OPPY! GO TO MOON!

Comment:

Weakness in DOW and DJT transports suggests rotation is near. FAANGs driving the rally now, it' not broad-based. Sucker trap- fool's rally. Expect a washout ATH following FOMC before the throwover. Dont' short too soon!