Went with a weekly expiry put yesterday to get started in speculation of NYSE:HPQ to the downside. So far it's going OK. Will look to close it by Thursday and pick up some longer expiration puts when a little longer correction happens. This is one possible wave count. Another way I'm looking at it will be in the comments. Either way I will be looking for moves down, whether it's an impulse or a correction is the question?? What are your views?
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if the weekly is already a completed flat. then we'd have a pullback for wave 4, or C wave of a running flat. This doesn't have to happen right now, however the divergence and lower TF sell setup has me thinking we will see some sort of downside whether it's a correction, or an impulse!! Trade safely!
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well, I was about a week early. Oh well. Now let's see if we get a nice hourly/daily consolidation, THIS, will be the confirmation of the next move lower, and it could be a BIG move down when considering the weekly structure.
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Will we come back up for one more before the impulse making a bigger flat, or is the impulse already in play? Picked up a put this week, lets see where it goes!
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expanded flat? Looking that was so far. Wasn't thinking the C wave would have made such a large expansion, but hey, we get surprised everyday!