|SPY October 2014 options|
On the other, we see a surprisingly large number of SPY 205 calls. So who is right?
The October 8th turn window -- Bradley turn, full moon -- looms large for some kind of turn. Up until now I've been thinking of it mainly as a low, like it was in 2008.
What makes it interesting as a top is that 10/8 lands precisely on this 2050 SPX level. There are E-W wave considerations as well, for the larger move up from SPX 1737.
It also works with the dual-nested 3PDH patterns, which eventually wants to bring us back to SPX 1074. See the thick orange line on the chart:
|SPX 2050 October 8th turn and 3PDH|
There are big options bets in place for October. One of the two camps is probably right.