Bear Flag Retracement
Updated
Do not be fooled. Many again calling a new bull market. Not yet IMHO.
This is a B wave and likely close to topping. Expect top within days, or hours.
The ferocity of short squeeze rallies in bear markets is amazing.
The best bullish moves often occur in bear markets! Because shorts scramble to cover, driving price higher.
But this is NOT a buy and hold investor's dream.
Those recommending long positions here will likely be badly disappointed.
Flash in the pan, lots of smoke and some mirrors will suck in retail to fleece us again.
Going over the same price again and again, terrific price action but no lasting returns.
Next move is down, primary (C) wave will commence following exhaustion of the minor C in the zone depicted. Watch RSI for pivot.
Primary downtrend (C) waves tend to be fierce, rapid and frightening. Get ready.
This is a B wave and likely close to topping. Expect top within days, or hours.
The ferocity of short squeeze rallies in bear markets is amazing.
The best bullish moves often occur in bear markets! Because shorts scramble to cover, driving price higher.
But this is NOT a buy and hold investor's dream.
Those recommending long positions here will likely be badly disappointed.
Flash in the pan, lots of smoke and some mirrors will suck in retail to fleece us again.
Going over the same price again and again, terrific price action but no lasting returns.
Next move is down, primary (C) wave will commence following exhaustion of the minor C in the zone depicted. Watch RSI for pivot.
Primary downtrend (C) waves tend to be fierce, rapid and frightening. Get ready.
Trade active
4515 and slammed. Short entry on any retracement here. Loaded bear shares in SPXS SQQQ SDOW TZA. GLTATrade active
How delightful another wonderful short entry was afforded by anxious FOMO bulls in pm session, shorted it again and again. Holding 1k bear shares. GLTATrade active
Looks like a top at 4530 on 8/31. See what kind of eod bounce it gives. Banked poots holding short etfs.Trade active
Shorting gaps is profitable. Get ready for big dump.Trade active
Took profits wait and see if 4500 holds. Sidelined.Trade active
Fun has just begun!Note
Short 4460-4465 imo. Price fills in this chart.Trade active
Back up the putwagonTrade active
Third wave down may be starting. CPI will make or break it. Crushed down to first support again eod.No positions. See what it does next.
Note
Amusing to watch the futes creep up as CPI report time nears. Could easily bull on relief. No pos.Trade closed: target reached
Closed Fri on double bottom.Been afk on road. Trade with phone. Picked up six calls Fri EOD. See if it pays.
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