Ghost of If You Can Draw A Straight Line

To be fair, my reasoning was a RET rather than a REV. So maybe ya'll will still talk to me -

 

27pts to go and we have a whole hour.

 

This is not a bull market behaviour. I think I am the only one who didn't do anything today. I must be the smart money.

Gringo

 

I did what I do best... I talked about it at length after the fact, admiring how good of a trade that was, even analyzed it by looking at a 15 second chart! LOL...

And to Gringo... I'm with you man... I did absolutely nothing as well!

 

On the weekly you can see in October the swing low of 3309 and the next swing low in February is 3415, well if you extend that line we are sitting right on the lower end of the weekly up channel

 

We have another 200-250pts to go before the "exuberance" is worked off. Whether or not that will occur now is unknowable. These dramatics cascades, however, will taper off as we approach a more sustainable advance. They may in fact already be over.

 

So here we are, just a few points above the downside goal and it's only 0800. Time to start looking for a possible reversal off the LL of the TC. If we plunge through instead, then of course the ret.

 

Pre-Open Analysis:
View attachment 145246

Post-Open Action:
View attachment 145248

DB, you gotta stop selling the snake oil

 

I agree. Although if it was for sale, I'd buy it by the case...

 

We seem to be getting here a lot sooner than I thought. Of course, 1775 a week ago is around 1780 by now, but that's what happens with diagonal lines.