So, the herd here is shorting. Almost every post is SHORT, SHORT, SHORT, so that must be the thing to do right? Because we all analyzed it and that seems the most likely scenario. And there is a divergence on MACD etc.. WRONG! What else exactly makes you think that we are at a reversal, and not in a continuation pattern? Look at the long term monthly chart. The formation we developed over past 2 years is just a wave in a huge tide that is RISING. That wave (continuation pattern) looks no different than the one we had in 2015-2016. We are about to BREAK OUT!....AGAIN! and race toward 3600-4000 levels.
Note
Should the market tank, yes it should and it will, but the likelihood of that happening now is not that high. Most likely shorts will lose a lot of money. I only wonder how big of a SQUEEZE we will get.Note
AND THE MARKET TANKED. A good trader will watch it closely and reverse his/her position quickly once he/she is wrong.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.