The red option is still the primary. If so, wave 4 of [5] may have just completed today.
Options blue and green are trying to make a stand here. They just about pushed the limits of their extensions to (a). They need to start selling from here if we are to continue watching these options.
One thing to watch is the fact that the VIX closed inside its daily Bollinger Bands today after closing outside 2 days in a row. There may be some hope for the blue and green.
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SPX - Rainbow |
Green and Blue need to get going, otherwise, red is in control and wave 5 of [5] may be ready to launch tomorrow.
Pay attention to wave [5] extension targets of .618 = 1406 and 1.00 = 1440
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SPX - 30 Min- Red Option |
4 of [5] may have completed. I didn't include it above but we must still consider that wave 3 is still in progress as well. The daily MACD bull cross today may be hinting at it.
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SPX - 3 Min - Blue/Green Option |
The squiggle count to support the blue and green options. Either a larger complex corrective W-X-Y is in the works or a nested 1-2 i-ii down.
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VIX - Daily |
The VIX closed inside
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BAC |
Wave 5 for BAC is certainly underway. I would imagine the first pullback to a 38-50% Fib would be a buy.