As said, patience in key. If you missed shorting the top months ago and have been waiting for this rally to end, we have the crack! The 200 MA on daily was the obvious brick wall. On long term shorts, I always take profit at the Weekly 200 MA, as it's very powerful and aligns with Fib ratios frequently. For this rally, the weekly 0.95 Fib is last(medium term) target. The first 3 targets I have with X's by them. Stop loss would be 2740 to 2750. I do believe this is a generational short and it will go lower than the December correction, but only time will confirm that.
Great post. It could push up a bit to past daily resistance but being cautious for a dip is smart. I'll be posting plays when they form so if you want another view about it or update follow me
Epic resistance overhead, talking like 17yr trendline...
CodedFlow
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@chinawildman, on a logarithmic hart that resistance was defeated... but still a good point... i guess...
LucyF2492
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@LoLBeach, I only look at log to confirm a break or breakout on a much longer scale. Monthly only. For example, log would have been a great tool for December.
CodedFlow
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@LucyF2492, @SviCapital is using log scales for 4H and 2H ... and i think makes sense... this is how you do not miss breakouts like December ... :)
chinawildman
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@LoLBeach, on a log chart there's a wedge trendline that extends back to pre-07 as well... I just thought the linear one was interesting in that many people have compared this bounce w/ the one in 08, and coincidentally it was the same trendline (on the linear chart) that it hit 17 yrs ago.