Yesterday was a buying opportunity. We needed to see follow-through today, which did not materialize. This rejection compounds the bearish reversal.
What happens next? ...think of the elevator scene in The Shining for a clue.
We are about to witness the sacrifice of 2017's gains, in a very short space of time. Make no mistake; it will be bloody, fast, but it is not the high of the market. January is A high, not THE high, and this move will be an epic false move.
The only technical analysis I have marked on the monthly chart is the 2017 low. Watch this level. Institutions take note of yearly highs and lows, and a penetration of this level will flip investors bearish - which will provide fuel for the next bullish leg.
In the meantime, my strategy is simple: SELL ALL BOUNCES AND BREAKS
What happens next? ...think of the elevator scene in The Shining for a clue.
We are about to witness the sacrifice of 2017's gains, in a very short space of time. Make no mistake; it will be bloody, fast, but it is not the high of the market. January is A high, not THE high, and this move will be an epic false move.
The only technical analysis I have marked on the monthly chart is the 2017 low. Watch this level. Institutions take note of yearly highs and lows, and a penetration of this level will flip investors bearish - which will provide fuel for the next bullish leg.
In the meantime, my strategy is simple: SELL ALL BOUNCES AND BREAKS