The market gapped down following the triple nested bearish 1-2 count posted yesterday and so far it looks like 5 waves within a 3rd are finished, so there is more downside ahead. I first posted about the 1376-1378 level couple of months ago and this turned out to be the top of this wave. So following the long term count, I see the potential for a bottom at 1297, if not the 200 day MA depending on how deep the B wave retraces. Right now we're just getting started on A and that could go as deep as 1320's more or less (or about 40 points below the Trend Average), at which time one could possibly entertain some longs to play the bounce.
My patience with my VIX positions has paid off. I sold half this morning and riding the rest. Trades were logged as follows:
TRENDING WAVES PORTFOLIO
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