That Gann angle (red line) has been resistance for a decade...It's the same line I used to call the pandemic drop 2 years ago. Expecting wave A to terminate there when it gets tested around 3950 in early April. According to monthly RSI, we're not even a minor correction yet and no where close to capitulation. Dip buyers abound and are live and well. STFR.
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Here's what I'm expecting on the daily... The current uptrend is on life support right now and when that channel breaks it's over... June puts look like a good medium term play, but the thing that caught my eye is the crazy amount of open interest on April 14 puts in the 340-360 range. Possibly hedges for a VERY negative reaction to the FOMC or perhaps this pattern I've drawn will be greatly accelerated?
