MARA

Looking for a bounce here past the .618 fib…and maybe into a triangle. Same scenario would sell puts right here but low on margin until I top up account.

I totally botched this one by getting lazy and not looking at the TA. We are experiencing the pre-halvening drop accross the board for miners.

Target price: 14.44-12.37

Trading plan: Sell weekly atm calls or itm calls as I expect they would expire worthless. I was hesitant thinking we might pop into a triangle, but with just a simple measured move alone I am expecting more down move.

After C where I think the reversal could reach.

Going to wait till Monday. An APR26 call looks likely to be hit up to the .38 fib. Selling a put might be the play as the move might not be enough to be profitable long with premiums.

Here is the Pnl of an APR26 18 strike call @ expiry

Price would have to reach .382 fib (18) by APR21/22 to be profitable.

Since we had a short 3 wave, the 5 wave was more extended. The bounce was right on the .618 fib of the swing ext.