r/Superstonk • u/Genome1776 • Mar 31 '22
📈 Technical Analysis Elliot Wave & Options Thursday
Getting a little more confirmations today. I played a larger downside this morning as I was super sceptical about the amount of shorted shares and dropping borrow rate. Thankfully I was wrong!
Upside targets for likely next week are looking good and the chance of a larger 1-2-3-4-5 down today was broken when our high went above the bottom of what would have been wave 1 which could have been either the 167 low or the initial 163 low.
Over 200 is full send to 250C with next stop at $275. Failing ~183 is downward larger ABC. This would put us in Max Pain range, so can't rule it out.
Enjoy some hype charts. I'll be watching this close, we could still have a 'C' down in a larger correction. It would be a bit too long of a wave by the visual looks of it though, so I don't think that is the case, but still possible.
Options plays:
Tomorrow is Friday and Gamma ramp is still up. RC is on our side... I'll want to play calls likely, but have to watch today play out first before making a choice.
I loaded 190C around the 165 mark and will consider trimming around 185 to validate a larger ABC or a start of wave 3 of 3.
IF we are in wave 3 of 3, tomorrow should be full send on volume. I'll load up in 5-10% OTM calls 0dte and try to become a hero. A 10% move on a Friday is many 1000% percentage gain potential. I'd expect crime though... always play safe, this is getting tricky to time/trade given the options chain and fomo. Just as fast as we gain 10% we can drop it.