I was calling this lower all day while many of you were going long or repeatedly adjusting your levels with each new swing low that was proclaimed to be the last swing low...until a new one was formed...
Yup, Great passive short call... about an hour after my 2620`s call... but terrific job nontheless.. My gift to you, Chad... https://www.investopedia.com/terms/f/fibonacciretracement.asp
BTFD has worked flawlessly for nearly a decade, most have been conditioned to do this no matter what the charts say.
There is the camp out there that believes we will see all time high because there has been no blow off top. Nothing says we need to have blow off top to top. Look at 2007 high. We need a catalyst for blow off top and right now I don’t see anything remotely positive to create one. Honestly good luck to longer term Longs. It’s been working for 10 years but all good things come to an end.
Heck, all one needs to do is look at weekly charts of AMZN, NFLX, NVDA, GOOGL, FB, etc, etc. to see that we had the blow off top. That much disconnect between price and the 200MA is something you only see in blow off momo moves. Once those parabola's are broken, they are near impossible to put back together since you have so many players trapped at bad prices. But I never can say never any longer with these fragmented, politically driven markets. It just seems improbable. Even the move back to 2812 or so less than a week ago was remarkable in that you had all of the above stocks in the gutter and indicies recovered most of the damage in less than 5 trading sessions.
You keep adjusting the fib retracements after each swing low changes then of course you are going to be right. Also you made several adjustments to your calls all day but where was the actual trade? Actual trades matter, not "calls"
You can buy the dip when your TA lines up with the PA. Nothing wrong with buying it especially if you are scalping and not looking for some miracle where price goes all the way back up to the top of the day.