We still moon, but let's take this one crisis at a time...
Updated
We will drop. There are several possible stops here:
8900
8400
7800
7200
One of the top writers, I'll link to it, came out with 7200. That's a number that I've seen play out in my head, so very very reasonable target.
8900 not so much.
So 7800 and 7200 are best contenders here, if this market is not bullish, aka my previous mooning predictions are wrong, then we will hit one of those two targets. So prepare for that.
If my mooning predictions are correct, we will have what you see on the chart. We will drop to 8400, then bounce, then drop again, ALMOST creating a HS, only to bounce back and create the opposite.
Obviously, this market is all sorts of wonky and full of dirty mother f'in... just be aware of what you're dealing with and the fact that they will try to rekt you at any given opportunity.
But, based on the patterns present in the chart, these are your best options.
Should this chart be correct, as I said, my mooning predictions still stand.
8900
8400
7800
7200
One of the top writers, I'll link to it, came out with 7200. That's a number that I've seen play out in my head, so very very reasonable target.
8900 not so much.
So 7800 and 7200 are best contenders here, if this market is not bullish, aka my previous mooning predictions are wrong, then we will hit one of those two targets. So prepare for that.
If my mooning predictions are correct, we will have what you see on the chart. We will drop to 8400, then bounce, then drop again, ALMOST creating a HS, only to bounce back and create the opposite.
Obviously, this market is all sorts of wonky and full of dirty mother f'in... just be aware of what you're dealing with and the fact that they will try to rekt you at any given opportunity.
But, based on the patterns present in the chart, these are your best options.
Should this chart be correct, as I said, my mooning predictions still stand.
Note
hesitantly drawn but you get the point, if the bounce back doesn't come up above the top of the head in purple, then we're f'ed.Note
just be aware that the head could have multiple points and there could be multiple shoulders to the pattern. Patience is going to be key here.Note
Note
as you can see above, 7200 is a very very real possibility.Note
BUT... I think X marks the spot:Note
scratch all the above, we're heading back up...Note
just so you're aware, the exchanges just rekted a whole bunch of longs, and they're about to do the same for shorts.Note
see the yellow oval? That's the errant spike that kept us sideways for the last week. Well, apparently, that was our first peek out of this triangle. We still have to get through triangle 2 but we are going back upNote
Note
heading back up from here is a very very bullish sign. Did I mention I have a chart that takes us to 120k?Note
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