Nothing has changed. You kids get all excited because a line broke. Yes, there was a very aggressive push up on quad week but that means little to nothing. The chart has not changed. Only you think it did because a line you drew snapped. You're an emotional bag of saps and that will cost you a lot of money in the stock market.
By 12:30-1:30 EST tomorrow (Friday) we will get confirmation on what I suspect will happen. I do not expect any big events till then. I will also be tunning in for @nobullshytrader0 twitter deletion. I am only assuming 480 will not be coming tomorrow (or anytime even remotely soon)
Good luck....
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Despite the uncertainty if we get a little push p tomorrow, I am still leaning heavily to closing tomorrow in the lower 440s... 440 would be a great spot to close.
Lets see... assuming that happens.. well, we will have this conversation tomorrow.
I respect your outlook that nothing has changed, and agree in the macro sense that the market should see a lot more downside over the next year(s)+. I could care less for arbitrary trendlines, as you pointed out they're good until they aren't. I contest your remark a bit that 'nothing' has changed, because the price action and momentum since last Monday has been different than anything we've seen on previous rallies this year. They can easily sustain this move to around 458-460 level if they want, and I don't doubt they'll try. Basically if this doesn't break down from the current price tomorrow or maybe Monday latest, then that's where we're going. Maybe that's a triple top that finally knocks this back down, I don't think we'll get past that final daily down gap. This has been an excellent swing/momentum play for anyone that took it and yet I think a lot of people have kept trying to short all the way up because they were expecting it to behave like the other rallies they've seen the past 12 weeks or so.
Original_Stock_Whisperer
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@stein3d, fair enough.. see what happens tomorrow.
UnknownUnicorn9891381
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@Original_Stock_Whisperer, I think this will not stop at least til the 80's ,is been manipulated (MM),Same as they did back on sep,Oct.
oliverrathbun
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@cando13579, If you look at the chart it's EXACTLY like Oct '21 Even the preceding corrective fractal Here it is:
decimalSeagull97112
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@oliverrathbun, but the days ahead dont have to continue to play out like the chart in 0ct 21
oliverrathbun
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@decimalSeagull97112, No they don't have to but there is such a thing as repeating fractal patterns. We'll know soon enough I think. The median line prices are currently at should give a clue very soon.
stein3d
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@Original_Stock_Whisperer, Definitely looking forward to seeing what tomorrow brings, and I wouldn't mind your scenario playing out in the slightest. Just to clarify what I'm thinking, I put together this post of where I think we could be.
MikeSpy
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I really want a double top to paint here. Double top only forms when bulls are pushing hard but the overall sentiment is confident in a top. It almost always leads to a price collapse because bulls need to over extend in order to create the pattern. Fingers crossed.
premiumtheta
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"The chart has not changed. Only you think it did because a line you drew snapped. You're an emotional bag of saps and that will cost you a lot of money in the stock market. " What kids are you talking about? With this market its a wild time to be alive ha.
vrm07
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Market sentiment has been strong for 2 continuous weeks, day after day with slight pull backs. Has it not turned around? What am i missing. Some of small caps have gone 40 to 50% to the upside.