Here buyers are giving up the highs as expected and opening up a retracement back towards +/- $27,000 which will put pressure on the late lagging retailers. A more solid floor can be formed below the 4th Jan lows, if sellers can hold below $40,000 for the weekend then best is to cover.
Showing a lack of momentum! Why not ride some profit taking, possibly followed by a very typical BTFD below the lows. But if sellers hold the breakdown with a strong counter then they threaten to immediately complete the major swing down:
The outpost here is not a surprise to anyone who has been following the MT and LT chapters. The enormous breakout on the log chart carried such significance and explains why the sellers originally went fleeing!
Worth considering this move is coming to an end, continuation is unfavourable without a pullback, since the inventory is now hanging low we can witness a slippery slope if sentiment turns negative for the coming weeks.
As usual, thanks for keeping the feedback coming 👍 or 👎
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-11% and counting today...
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A quick chart update to kick off the weekend... after the -11% collapse yesterday recommend to trail our stops above the 'B' highs here to reduce exposure...
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No surprises...
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Very little to update here, we are on track to complete (iii) in the 'C' of "4'.... WHAT A MOUTHFUL !
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