The clock is ticking on the daily cloud coming into play which ironically will also be the weekly close tomorrow.
Approximately 10850 is the TD flip price on the weekly, which means a red 1 could print on the weekly for the first time in 23 weeks.
If we close the weekly above 10850, we'll probably test the downtrend line from the top as well as the previous uptrend line, and then see a tremendous sell off. If we close below 10850, we go down sharply and unexpectedly.
Since the bullishness has predictably returned with the $1200 pump from the lows, and suddenly everyone is back calling for the moon, I'm leaning towards the more unexpected outcome.
Longs are super over leveraged pretty much everywhere, and the powers that be pretty much have everyone right where they want them.
IMO this is the final bull trap of this entire cycle.
Approximately 10850 is the TD flip price on the weekly, which means a red 1 could print on the weekly for the first time in 23 weeks.
If we close the weekly above 10850, we'll probably test the downtrend line from the top as well as the previous uptrend line, and then see a tremendous sell off. If we close below 10850, we go down sharply and unexpectedly.
Since the bullishness has predictably returned with the $1200 pump from the lows, and suddenly everyone is back calling for the moon, I'm leaning towards the more unexpected outcome.
Longs are super over leveraged pretty much everywhere, and the powers that be pretty much have everyone right where they want them.
IMO this is the final bull trap of this entire cycle.