So, no double top means buy the dip... right?
- Thread starter Saltynuts
- Start date
It's BTFD until you get bludgeoned for doing so. (Of course you don't want to buy -2% down if it's going to be a 10-20% dip.)
As for "double top".... it's possible recent action was the "left side" of a 2X top... a thing to keep in mind.
As for "double top".... it's possible recent action was the "left side" of a 2X top... a thing to keep in mind.
Haha, no. Without a macro event, then yes I'd look for double top. But with the news being what it is, I can't say.
That being said, lots of shorts going away. 20% more accounts are long compared to 20 days ago. That's excessive. It means (probably) that there was a lot of covering in this dip.
There WAS one, look again. Even post #2 clearly shows it. SPX 3338 three days ago and 3334 on Friday with a 35 points dip between them. Nasdaq 2nd was a higher top, so average them out...
ES futures were classic and symmetric at 3338.
You can still buy the dip though....
That's a good point, clearly a double top in extended hours on the hourly. But those are only good for short term reversals from what I can tell.
I would absolutely love a rip up to ATH again because that would be a significant double top. Then we'd be talking.
I sense a bit of sarcasm there Pekelo. What are your actual thoughts on this one?.....I saw it starting last week but this gap is a bit more than I've seen in a while.
We probably close the gap at least half way. I am not sure the current state of the virus warrants this big of a gap/fear.
Reading 80 dead so far, the Chinese confirming they can't find a source from which it mutated from & spreads asymptomatically. Problem is, the Chinese tend to hide information.