The magic number 5580 .... is that how many pennies a share Elon is going to sell his trashed company for, and I don't mean X lol.
If you want to know what my thoughts are, someone already took the words right out of my mouth and posted here earlier. Unless the Orange Dude does 180° flip, this is where I'm betting my money.
I puked the position this afternoon, with a sizable loss. It sucks. But what I learned: I no longer trade on Mondays. On Tuesday, my system told me to go short, so I did. Made my piece. On Wednesday, my system told me to short. I took heat in the position, then decided to take a small profit, and walk away (that was THE short of the week). It collapsed, then I brainwashed myself into thinking going long. "Fundamental Analysis Boy" had kicked in. Astronauts rescued, who cares about tariffs, etc. You can wipe your ass with my Econ Degree from Duke, not kidding... The point is that CNBC, The Wall Street Journal, Barron's, etc. ARE DEAD. If you are experienced, you are flying fully instrumental (IFR), the old days of VFR, think "The Market Wizards" ARE FUCKING OVER! Follow the system...
Sorry to hear about your loss. But what can I say? I've been warning that the market would drop for some time now. Anyway, we're here for ya if you need any help.
520 was the spot I was talking about in my previous post. And if you were to draw a trendline connecting the 360 low to the 400 low and extend it further up, it hits just around that area as well for some nice confluence. It just depends on the velocity of the drop. But as Schizo mentioned, a tweet walking back the tariffs in almost any way could easily cause a disruption to that path. Although to me, it’s looking almost inevitable.
If I was to ever use a MA again, this balance step method, that I believe Robert Krausz first popularized (got an Active Trader Magazine Apr'2000 article in my stash), would be the one.