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.
Happy Weekend, traders.
There’s not a whole lot I can do here until our relationship with the H&S neckline is resolved. But, i do have another thought, and I thought I would put it out there this weekend, too.
First, I want to revisit the “neckline bear trap idea” from a couple of weekends ago. In that article, I discussed how I was going to be somewhat agnostic for a while, uncommitted if you will, and that even if the market rallied back above the neckline, I would acknowledge that it could be a trap and would be wary of drawing any conclusions in the short term. Here’s what that “trap” idea looked like at the time:
Since then, after getting closer to the 200-day, I went on my little vacation and when I returned, I found we had driven ourselves, sure enough, back up over this neckline, and I decided to try to sell, to see if it was, in fact a trap. And we’ve seen some selling so that looked good and especially that puke on Thursday was magnificent.
But, here’s a couple of additional thoughts on this for now.
This can all change of course, and we’ll play it as we go. But I thought I would add to my brief remarks from Friday with a few extra ideas.
I hope everyone has a lovely weekend.
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.