See note on chart.
Yet to see any capitulation from bulls.
Solar/lunar cycles bottom out within 10 days.
Still short every rip.
Yet to see any capitulation from bulls.
Solar/lunar cycles bottom out within 10 days.
Still short every rip.
Comment:
Gap from 21st March filled today, but 50dma is holding so far, and would be good to see a close back under the descending trendline.
All over the interwebs I read nothing but sanguine confiidence from the bulls, and even the bears are now throwing in the towel.
I will let the market show me, but I do lean towards another washout decline to inject some real fear, wash out some weak-handed longs, and enable a move back up to test the highs again in May.
Still short the Dow, and also copper.
All over the interwebs I read nothing but sanguine confiidence from the bulls, and even the bears are now throwing in the towel.
I will let the market show me, but I do lean towards another washout decline to inject some real fear, wash out some weak-handed longs, and enable a move back up to test the highs again in May.
Still short the Dow, and also copper.
I see bulls expending considerable buying power and energy to crawl up to that line, only to see very swift declines.
Surely each and every attempt weakens the buyers?
I still think we're headed down to that gap within a week or two.
But the trendline is a good line-in-the-sand for bears.