Why Your Shorts Are Not Winning - Part 2

The trend continues to be your friend until the very end.

This is 2 day chart that I posted in the beginning of the year that continues to be in play since the COVID meltdown in early 2020.

Price has been in a strong uptrend with very few pullbacks. Even the pullbacks result in dramatic reversals and pumps to the upside.

Here is where it gets interesting. We are approaching the top of the channel and the last time we touched the top of the channel, we had a strong pullback.

Is the market melting up, only to reach the top of the channel and turn back? Is price going to breakout of this huge channel? I think we're going to find the answers to these questions very soon.

Good luck. Never play the breakouts, wait for the retests. When it feels really right, it's probably wrong, and when it feels very wrong it's probably right.

Comment:

The trend has continued to be your friend. We are however at another inflection point. Price has hit resistance. Will it melt up to the final resistance line like it's hit once before or will it start a reversal?

Comment:

How many have been caught on the wrong side of the trade selling in this huge uptrend? It just keeps going. It is getting close again to the top of the channel again. Will we finally see a reversal?

Comment:

Finally after 2 years, price has fallen out of the channel. I got a really nice short.