Market is in the distribution mode. The new month started and offered new levels for the machines. My personal view is a big H&S pattern formation in play. I projected potential boundaries of the right shoulder. A strong bounce on Friday may correct the lower edge if not taken out. But for now I go with a symmetrical shoulder. The previous month S1 and this month P levels are potential targets if the upside continues, however, it would be all within the right shoulder and won't change the bearish nature of the market especially if the downtrend trend line is not breached.
Shorting this market requires a good understanding where the sell side shows its hand. The violent upside moves are common in the bear market. "The best buyers are the short sellers..."
Buying in the bear market is risky. Traders need to watch inflection levels like hawks and look for the sell side failure.
10/2/2021
Shorting this market requires a good understanding where the sell side shows its hand. The violent upside moves are common in the bear market. "The best buyers are the short sellers..."
Buying in the bear market is risky. Traders need to watch inflection levels like hawks and look for the sell side failure.
10/2/2021
