Thank you! There are either a mass of gullible folks out there that think spy can live in overbought forever, or algorithms are stuck in a loop, and as much as pt Barnum was right, I've got to go with the latter.
Not likely. the move off the drop was as powerful as they get. to expect a sharp reversal before the surge of the uptrend is illogical. We are surging and this is a huge uptrend. The bet should be placed as the odds favor a reversal. Today or tomorrow we get that reversal.
The bet should be made here or tomorrow. The bear should be happy with this move. It implies irrational behavior even if you believe we are still rising in the same bull trend.
I have said from day one of this move we should hit the 2020-2050 target range. Recent trend has been up 2 solid days followed by small retrace of up to three days. Tempting to bet today but odds favor yet another move higher tomorrow. I might split my bets today near close and tomorrow. I was ignored as simply way too optimistic and unrealistic. I always base my assumptions on the structure of the trend. the move higher off those lows showed no defined break in a wave. That implied we were in a strong uptrend. I bet early on but took myself out way too quickly ignoring my own visual chart method of betting. fear of getting caught in a sudden downdraft prevented me from only using unemotional triggers. I also compounded it by betting for a flash crash as soon as 2020 seemed to be major resistance. Obviously I was wrong and the last higher resistance level should be a make or break target.
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