Firstly, congrats to those who support and follow me on the last publish. its been a very tough time to speculate and react to news. However, when it's come to big bounce in a bear market, its just a matter of time and building for catalyst to correct due to great RnR for correction and exagerating relief chasing.
By the time of publishing this, Its having a bounce from the neutral order for defensing breaking low while the CPI data shows a massively hot economy that has over 15% anuallized inflation, a lot greater than the expected 13.2%; and 9,1% YoY rather than the estimated 8.8%. I believe this relief may sustain in range for couple days to correct the current negative of inflation numbers. However, my 800 point (at least) call to downside is still up to the play because this bounce is rather the correction of a temporary shoot, and it is very likely to form a range of liquidity to breakout during the next event (option expiration). Thus, any considerable push up for corrective move is great setup for put stacking.
Structure: hit the defense line, bounce in range (11680 resistance), forming bearish continuation pattern, then preceding downward to complete the move.
Last but not least, in a bear market, always be nimble.
Cheers,
Prof Phat
By the time of publishing this, Its having a bounce from the neutral order for defensing breaking low while the CPI data shows a massively hot economy that has over 15% anuallized inflation, a lot greater than the expected 13.2%; and 9,1% YoY rather than the estimated 8.8%. I believe this relief may sustain in range for couple days to correct the current negative of inflation numbers. However, my 800 point (at least) call to downside is still up to the play because this bounce is rather the correction of a temporary shoot, and it is very likely to form a range of liquidity to breakout during the next event (option expiration). Thus, any considerable push up for corrective move is great setup for put stacking.
Structure: hit the defense line, bounce in range (11680 resistance), forming bearish continuation pattern, then preceding downward to complete the move.
Last but not least, in a bear market, always be nimble.
Cheers,
Prof Phat
