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Alright, we've turned the corner. Next stop: 3880.

So don't short here. We'll likely head back up. :)

This ain't looking good at all.

Once we break above 3880, there will be no turning back.

Here's a barometer. If we "mirror" what you see in the chart below, we should end the day at 3950. Tall order? Let's find out. Copied from this link: https://www.elitetrader.com/et/posts/5742776/

Why is the obvious not so obvious? :D

We shall find out in the next 4 hours.

Buh-bye Mr. Zero-Covid, it was nice meeting you!

Lately, this quote has been on my mind a lot :sneaky:: There is an old saying in gambling, That when you sit down at the poker table, Expecting to take everyone else's money, Of all the players sitting around you, If within five minutes, You can't tell who the sucker is, Then chances are...

If it ever goes up that much, don't forget to buy me an ice cream and coffee. :)

Hey, it's just a personal opinion based on chart pattern. I ain't no prophet. Actually, no one knows for sure. We might even crash as soon as tomorrow and all this talk would be meaningless. Anyway, happy trading.

Well, I need to see how the market reacts to NFP first. But, overall, I do agree that we will go up before crashing down. However, as I've already pointed out earlier, we might even go up as high as 4400. It sounds bit optimistic, but you never know. Here are the posts I made earlier...

Not only that but there's clearly a MAJOR trendline, which would not be easy to cross. Be that as it may, we've already touched the damn thing 3 times and *usually* the 4th will give in. But that remains to be seen.

Not saying you were right or wrong. Just wanted some clarification. What you said didn't come across as you might have intended.

I'm thinking that's what will happen tomorrow. Right now, there are too damn many herds betting the market will go down. History has proven they're never correct.

Anyway, I'm going long for the night. I think there's a decent chance we make it up to 3860.

I don't get your point. By definition, isn't that what drives the market lower, ie. there are no more longs?

In fact, if I "invert" the chart upside down, the chopzone in June looks amazingly similar to the one now. ...and this is what happened after the breakout (or rather breakdown, since this is a flipped chart).

This is for our resident permabear. As you can see in the chart, we're going through a similar chopzone in June. But that happened at the top of the range, whereas now we're at the bottom. So it makes sense to go in the opposite direction, don't ya think? In that case, we should bolt higher up...

Trust me on this one. 2023's gonna be a shitstorm, probably the hardest year to trade IMO. Both bulls and bears will get chewed up and spitted out.