The reason I’m more open to further downside now is the lack of a strong reversal at these levels. I’ve had good fibs in several places now, but no reversal. And that 1:1 relationship we’re at now is deeper than I wanted (because below the June low—which I expected to hold) but it was always a worst-case scenario, but where’s the real rally?
And I also don’t like these structures we’re in now.
We’re in this thing:
And they are like this thing:
And they are prone to failure. And when they fail, they don’t tend to just retest the low again, they actually often break down completely. So this one might, too.
And one more point that belongs in the last article. Looking around, and I will note one more thing that lines up in that orange box that I drew below us:
See how it’s the pre-COVID high as well? Fuck, it, let’s do it lol
Lots of stuff lines up there.