This is a hypothesis. It is predicated on our inability to break this trend line beneath us, which someone with infinite money keeps buying (hence why we can’t lose it—even after six attempts).
So, it’s the “temporarily” bullish outlook presented very roughly last night here.
Given the capitulation-like nature of yesterday’s decline, it may be a truncated 5th wave of a big pink “A.” Pink B should be a 3-wave move, and I’ve speculated about a course below (the Orange A-B-C). It doesn’t have to go that high for pink B, but it might.
This is very speculative path for now, but it is what I will be observing as a potential outlook until we actually break support. I am using these gaps as potential targets until some waves develop that I can measure.
I have sold some bull put spreads under the trend line and added some additional long calls to those I bought this morning. So, let’s see what happens, but finding support here (again) might mean we’re bullish for a while.
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