Chart says it all. Short after the manipulation!
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this is not a bearish pennant. Ascending triangle, a channel, a wedge, but it's not a bearish pennant.
Nice deflection. I gave reasons why I thought it was going to get approved. It's also calculated risk. Everyone and their dog thought and knew the ETF wasn't going to get approved and the market priced it in. What happened after it got denied. Nothing. Absolutely nothing. No follow through. So by going long, my risk was far less than going short, because like you said, everyone was expecting the SEC to deny the ETF. If it would have gotten approved the market would have gone into full moon mode and it would have shocked the markets.