Hello Investors,
Today’s session covered Elliott Wave theory, with an emphasis on the structure of 5-wave trends and 3-wave (ABC) corrections. We explored how these patterns can be used to identify strong risk/reward entry points and applied them to the S&P 500 along with several individual stocks. We also discussed the possibility that precious metals may have one more leg lower.
We attempted to enter a put butterfly on Barrick (B), but the order is still pending and may not be filled. Our philosophy on order execution remains the same: be patient and precise with entries to ensure favorable pricing, but much more flexible when managing or exiting positions. Missing an entry simply means missing an opportunity—but once you’re in a trade, holding out for a few extra pennies on an adjustment or exit can result in actual capital loss.
Attempting to enter a Put Butterfly in Barrick (B), day order only:
Buy to open: B June 18th (Monthly) 44.00 strike put (Ratio of 1)
Buy to open: B June 18th (Monthly) 44.00 strike put (Ratio of 1)
Buy to open: B June 18th (Monthly) 44.00 strike put (Ratio of 1)
Debit: 1.85 – day order only, if not filled we will cancel the idea
Max risk = 1.85 or $185.00 per spread
Max reward = 5.15 or $515.00 per spread
Have a great week!