Melt up - in effect
The market was pricing in a move of 6.36 for the week. We are almost hitting it. I will be looking for us to get to two deviations or hang out up top and then gap over this resistance next week and break out of the channel and make a run for it. No bull market ever ended without a melt up to finish it off. 490s/ 500 and the bulls will be all excited and I am looking for nothing but a drop for several months. A straight drop? probably not. But I am looking for a serious/ deep drop to last for many months. We all know the level I am looking for which is "crash" percentages. Good luck. No need to watch this during the day. I am not buying into this but will be shorting it. Once the goal is reached, its time to come on down in a big way.
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