[LUV] update

The model from the backlink is bust but I think I might know what is going on with the chart.  I count the way that peaked not as a 5 but a 3.  Thus probably b of 4.  Then we find support here or perhaps a bit lower and then  move up into red 5 which actually short strokes because it is the same length as red 1. 

And then it forms the signature H+S breakdown.

That is a lot of speculation so I would just leave this one alone and see what it does.  IFF we get that bounce into red 5 and if it looks like 5 waves then it will start to validate my view.  In that case I will strongly consider getting back into puts on this one.  Airlines do not do well in recessions...