Same thing happened early August when Price approached this 5Y trendline.
It crashed one month from that and back below that point within 2 months. This time it'll crash back much more quickly, this corner cannot be unturned.
It didn't have the momentum necessary to get above this line during the trading session. Big Money/FED knew it needed an assist to keep Retail Trading Psychology intact.
Feels like more manipulation except this time around the wool has mostly already been removed from everyone's eyes so much fewer people will fall for it and dump more money in to chase another impossible to hold ATH.
Stinks of desperation.
They really are going for the pump all the way into election, data has always suggested they'd fall short and fail to keep markets afloat and that it needed to let off some steam in a bigger correction earlier in order to have a shot at being near ATH around election.
They got greedy and it's gonna cost them.
Another great chance to lock profits before the PUMP AND DUMP express leaves the station for good.
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It didn't even have the balls to try to test the top of downchannel.
Mark your calendar, it should spike up the day after each of these. LOL
The 2020 presidential debates are scheduled from 9:00pm to 10:30pm Eastern time on September 29th, October 15th and October 22nd. The vice presidential debate is scheduled from 9pm to 10:30pm Eastern time on October 7th.
I could see them going for the top of the megaphone. And making it...
nychump
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@horacejunior, I think we may either stop just shy of ATH or create a new ATH as you suggest........ I remember when news of the corona virus hit, the market corrected a little but made ATH right after before making the final big crash..... I feel like that scenario may happen here as well
horacejunior
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@nychump, agreed. reminds me of that last leg up on minimal volume. hitting the top of the megaphone and rejecting is actually probably more bearish and devastating. so I’m okay chilling in cash for the moment 🍿
ProfitHarvest
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@horacejunior@nychump 3500 still max peak, new ATH all but impossible, but lets see this thing manage to break out of the downchannel first before getting too far ahead of ourselves ;)...
[SPX] Still Lookin for a 3500 Retest Before DOOMSDAY Descent
horacejunior
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@ProfitHarvest, well at least we’re all agreed on the drop :) I like 3500— realistically achievable on anemic volume
joeychaps1231
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@ProfitHarvest, haha all but impossible! ok prophet. havent you been screaming bear for months and months?
ProfitHarvest
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@joeychaps1231, Yea and I basically nailed my peak call from mid-August...
The 2020 presidential debates are scheduled from 9:00pm to 10:30pm Eastern time on September 29th, October 15th and October 22nd. The vice presidential debate is scheduled from 9pm to 10:30pm Eastern time on October 7th.