Hey all, just showing my thoughts on the US100, recently it hit the resistance of the channel we have been trading in for about a year now and like the last two times showing strong declines since. Nearly all big tech names are trading at peaks in patterns and all declining away from resistance just look at my Apple idea for context. I have a target for that support line which would give us around 10% correction with is inline with the seasonality of the market. That trendline currently has the 150ma following it and has had over ten daily touches showing extremely strong support and unless something fundamental changes I don't see why we would fall through. also just showing the divergence that silver and the us100 has had, looking at previous occasion this has happened for example 2015,2016,2018 and 2019 it showed that silver would start falling a few months prior and was a great indicator. Also in each of these years as silver started to rally the stock market bottomed and started rallying so a good why to reinforce the bottoming of the market.
Currently Holding US100 short warrants purchased on 03/09/2021
Currently Holding US100 short warrants purchased on 03/09/2021
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Sold out off position on October 4th
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The current bounce looks like it's coming back to test support again, if we break that support and the 200 ma we are looking at another 13% downside for a total 20% correction.
