I've heard a few really smart guys whom I trust echo this sentiment today. Regardless, I'd like to see a bounce to a slightly higher high above 107.75 followed by a higher low before I begin incorporating the basing hypothesis as a possible outcome. Idk, very confusing right now if watching any more often than on the daily chart, at least for me.
actually I feel good about my pov - it works for me and it helps me to navigate on a bigger picture. I am essentially using common sense to decipher the most obvious and likely result over the long pull. Not a trade rec obviously - dyodd
the fact that i feel good about it IS my conviction. Not telling you to have the same pov OR conviction - of course. Most are playing this trade 100% opposite so it would not be any great shakes to my ego. But I enjoyed the back and forth.