Iâm currently back in cash 67,290 $
Waiting for my next opportunity, this is what Iâm currently thinking; the chart below is the S&P500 the blue lines represent recent bull runs (with no retracement) of similar angle, they end at the exact point those runs ended, now as you can see the average length of the previous runs is about 20 to 30ish points higher than the current one.
Then thereâs also the horizontal resistance line at 1370, 8 point higher than the current price. And the slanted resistance line at about 20ish point higher than current price.
Iâm not looking for a collapse. Iâm looking for about 20ish points or just under 2% gain, I have been shorting this thing since 1275 and made money , but at this point I believe itâs a slam dunk , price will interact with the resistance before passing through it and if it passes through history shows it does not make it much further (blue lines)
Iâm going to wait till it goes up 5 ish points then Iâm going to start scaling in, taking in to account were I expect price can reach.