In this post, I described a scenario in which $IYT could sell off somewhat significantly. And while it has gone a bit lower since that post, I am revising that view now. The market feels much too bullish here for me to able to accept a decline of that nature. I am going to revise the view in the following way:
I now believe we may fill out a falling wedge of some kind before eventually rallying to the orange box. I will file the original post under “Cancelled.”
[UPDATE]: I wish they were all this pretty. Filed under “Successful Calls.”
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