There are 5 good reasons to short right now:
1. Leveraged longs are near their all time high
2. We are a hair's width from the 200 DMA (orange)
3. We are still in a downtrend (blue)
4. We are in the rising wedge pattern
5. On the Weekly and Monthly charts we've already rejected a number of important bullish trend lines.
Of course there are some bullish indicators too, like the golden cross, but this is a contrarian scenario.
1. Leveraged longs are near their all time high
2. We are a hair's width from the 200 DMA (orange)
3. We are still in a downtrend (blue)
4. We are in the rising wedge pattern
5. On the Weekly and Monthly charts we've already rejected a number of important bullish trend lines.
Of course there are some bullish indicators too, like the golden cross, but this is a contrarian scenario.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.