I still think we’re in wave 4 of 5 and there is one more wave up which might get to 1300-1301 off of a 161% extension as long as the lows of the day hold. There is a possibility that wave 5 ended where I labeled 3, but the elliot oscillator says no so I’ll go with that for now. As long as SPX stays above 1270 we should get that push up to 1300, hard to say at this point.
I exited my SPY calls from two days ago for 50% profit at 1290 but am still holding my SPX calls hoping for that 1300 level to unload. I am thinking of changing to SPY options instead of SPX as the spread is much smaller. So even though I end up paying more in commission I lose less from the wide spread in SPX options.
I have this nagging feeling that this could be an ABC correction pointing to about 1310. At which A=C. All fibonacci retracements point to the 1320 area though.
