It took a long time to start, but it finally did. The market sharply raised after we had a severe decline in late 2018. I was and I am still concerned that this sharp upwards move might be an empty one, meaning nothing fundamentally has changed about the market. Here we have one of the early tickers that has started its downward journey. The price has formed a Broadening Top pattern. Not being able to make any further upwards progress, the price forms another pattern, Multiple Tops, that indicates exhaustion in buys. And this happens today; the price dives down by 10%. If we close around the same price level today, the price has finally broken the Broadening Top pattern from the downside. I will keep watching it until the end of this trading session. I will go short if the price remained below ~$115.00. My best guess is that the price continues down to ~$90.00, but I will use trailing stops in case I was wrong...
Stay profitable!
Stay profitable!
Comment:
My sell order is at $116.000 and I am not filled yet. Not concerned about that since the bulls are in the market for now and the price could have a tiny upward move to test the ~$115.50. Will enter then...
Order cancelled