Piercing of 15 Min DownTrend 61.8% Line - Sell ES & YM on Bounce

8 thg 5, 2020

Markets move counter intuitively . . . The best lesson I ever recieved from a market watcher was when a daily or 15 minute trend pierces the 61.8% line. At some point, it’s only a matter of time, where that whole move will the retraced, in order to provide the opposite part with it’s owntest, that in turn, they will need to respond too. We had a minor selloff over the last week and half. That was responded to by the bulls, who have put together a good run from the lows. However, in early morning Asian action, we have pierced this 61.8% downtrend fib line. So, I’m calling my shot here. This market will reverse and will have to endure undergo it’s own retracement, testing the resolve of bulls in the face the highest unemployment numbers this country (world) has ever seen. The market is priced even more perfect than before, with earnings so uncertain, and stocks just ever so slightly down 15-17%, Nasdaq back to break even on the year, there is no way to justify any of this. So, mark it down. Sell now.