Yup, I was going to post yesterday I was expecting a large drawdown today but decided not to. My new algo is still on trainer wheels, ie it takes a while to road test, so I decided not to be too bold with another call. I'm pleased with the result of how it's working. Edit: I believe US daylight saving this weekend, your market closes 4am instead of 5am for me.
Price has Exactly hit the bottom of my range, to the point, should be up from here, not going lower. If it goes lower, we are in deeper trouble. One other thing it could do, break support momentarily just to rattle the cage one more time to scare. The upward move from here will be tentative, ie we are not out of woods just yet.
ES broke below the recent low as well as below the two trendlines (ironically they both intersected today). As of today, bull market (if that means anything) has been nullified IMO. Downside target: 3800
From the outside it could appear like you took on a view, i.e., long/bull market, and now you’re defending that view in face of evidence to the contrary. Am I wrong?