ridethepig | CNH Market Commentary 22.08.2021
Buyers position marks (5) as a soft and temporary floor.
Other events can cause the base to appear a lot stronger than it does, so the transfer of the attack from one direction to the other can be subtle, although not a matter of pure chance.
It has been a relatively straight forward flow, but one that has not seen much light thrown on the subject thanks to noisy explanations. As can be seen in the charts below, @ridethepig was concerned at the highs.
The said possibility of a temporary floor is much rather a natural profit taking move in the struggle against sentiment. A considered judgement about the perverse signally from PBOC and Xi ought to look something like; base at 6.35xx is strong support (after the powerful legs lower it is very sensitive). That is the real truth, we are inside a multi-year decline that could go a lot. lot lower, for now, we shall have to content ourselves with limiting adding short positions till we are back above (4) highs at 6.587x for another test of the lows in our current range (6.58x - 6.40x).
Other events can cause the base to appear a lot stronger than it does, so the transfer of the attack from one direction to the other can be subtle, although not a matter of pure chance.
It has been a relatively straight forward flow, but one that has not seen much light thrown on the subject thanks to noisy explanations. As can be seen in the charts below, @ridethepig was concerned at the highs.
The said possibility of a temporary floor is much rather a natural profit taking move in the struggle against sentiment. A considered judgement about the perverse signally from PBOC and Xi ought to look something like; base at 6.35xx is strong support (after the powerful legs lower it is very sensitive). That is the real truth, we are inside a multi-year decline that could go a lot. lot lower, for now, we shall have to content ourselves with limiting adding short positions till we are back above (4) highs at 6.587x for another test of the lows in our current range (6.58x - 6.40x).
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