3840 is Max Peak, if we get to or above that, collapse back down is imminent.
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We got a breakout exactly off our RW, easy long scalp if you were paying attention when Price first started breaking above this structure and these lines...
Getting dangerously close to the 1Y Peak Channel top, which will be particularly reactive if it manages to reach it.
Everything over the blue lines (5Y Peak Channel) is dangerous and just itching to correct back down each time it gets above.
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What that means is that when selloffs do happen, they'll be quick and steep. Short the tops and long the bottoms looking for reversals at any of these major S/R.
Yep, I saw it. Loaded up on VXX calls this morning.
DaddySawbucks
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Box 3810-20 then bust IMO; GLTA!
richhermanson
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This time ur right!!!. Bout to get stupid, then reality check.
samitrading
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Hey buddy,
what's up. How far will we go if we hit purple line and crash.
ProfitHarvest
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@samitrading, These are the points I'd most pay attention to if we're on our way down 3650, 3550, 3400, 3300, 3000, 2850. Little to no chance we get any lower than that, could bounce at any one...
samitrading
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@ProfitHarvest, Hey buddy always nice to see your posts. i did a study a while a go using vwap. Surprisingly it is suggesting that we might go down as low as 50% down. with stimulus it would be hard, but if we rhythm with history i do not know man it is a bit scary.
ProfitHarvest
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@samitrading, This is frustrating part. The data does suggest we see SPX 1500 reasonably strongly. @Glitch420 is still making the best case for that kind of crash.
However, it does seem the market may have fundamentally changed, at least temporarily, making the past a poor predictor of the future right now. My best guess for why we stay up in spite of the data.
samitrading
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@ProfitHarvest, we have a reading of 59 % , even worse than September 2020. Max 57 % correction is possible, more common is 20% corrections it is getting scarier by the day. or my analysis just wrong : -)