We've seen a lot of gap days in the past couple of months, forming a few island reversals. It looks like we've made a new island today thanks to the election-induced rally. The Put/Call ratio is still high, so I'm expecting the rally to continue up to the top trend line of what seems to be a symmetrical triangle forming. There are a few resistances up until then, but they are relatively weak. Only until the PCR shows more calls will I then look for an opportunity to go short. Perhaps another island top will form, which are becoming increasingly more trustworthy.
I'm also expecting QQQ to consolidate within this symmetrical triangle until there is a clear elected President. Until then, it seems like it will be a bumpy ride. Stay safe!
This is not financial advice. Be aware of your own risks. I am not responsible for your gains or losses.