Riding the wave.

UPDATE: 11:55 AM Expecting next leg down.




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Good morning,

Get ready as we are approaching our trading time.I know market starts at 9:30 but our trading starts at well you know when.

Here's the play I am taking as I think market is not able to attract buyers at the current levels. I see more profit taking on any bounce. So going with a Vertical Put spread on IWM ($60/$57)



If /ES is not able to put new highs by 10:30 we can expect more downside on the market. If we bust new highs you we have to scratch the trade. As we may get whipsaw for couple of days.