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Very little has changed since last weekend’s article, so far as interpreting our options here goes. I will approach this weekend’s article in the same manner, looking at the two basic alternatives available to us.
First, the elephant in the room remains the head & shoulders pattern that we can see. We have arrived at the neckline:
If buyers cannot be found here, we may head to the 200-day SMA next, though we need not go there in a straight line, even if that is our destiny.
That said, I do still remain a bit skeptical, and I will spend the rest of the article discussing what can happen if this head & shoulders doesn’t play out.
If the head and shoulders plays out, we’re doomed, we’re entering a big bear market, I would expect. But the bulls have a great shot here to conduct a total bear genocide, and I wanted to lay that out for you this weekend and what that might look like if it happens.
I hope everyone has a fine rest of the weekend, and I look forward to seeing you this week.