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After being a little pessimistic yesterday about further declines, I was greeted with another gap down today, which was most welcomed. Even so, the decline is jerky and hesitant, and I can’t think of a more painful way to attempt to return to the 50-day SMA, which we’re gradually doing as much through time at this point as we are through price:
Given the additional new low and immediate retracement, there’s not much I can do with the price action except what I have already been doing with it:
So, that’s what I have for the time being. There’s still a promising setup for bears here, and we’ll see if they can get some more. If they do, then Dystopia is back on the menu again.
Parts of this article may be reserved for members. You may learn more about becoming a member on the Join page.
You are also warmly invited to join our growing community in the Discord server (there are many public features in there). The invite link is here: https://discord.gg/58FSjcDhvG.