The reason this TA is a meme is because it's based in reality. When something looks like this and you get excited about a single candle when the trend is EXTREMELY clear, it could be the bottom, sure, but this is not the most likely trade here. Bottom picking has it's merits but not in trending markets, especially when things are asynchronous. Odds are, if markets are to fall IWM, SPY, EQAL, RSP AND QQQ will all do it at once.
We don't have this uniformity at the moment, thus this is a bad setup.
I feel confident that we are at a temporary top in tech, but that doesnt mean that you should slam shorts here. This one day move was probably all that you'll realistically get, maybe two-three days. But things aren't falling in general ATM.
We don't have this uniformity at the moment, thus this is a bad setup.
I feel confident that we are at a temporary top in tech, but that doesnt mean that you should slam shorts here. This one day move was probably all that you'll realistically get, maybe two-three days. But things aren't falling in general ATM.
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But like, full disclosure I am watching this for a daytrade tomorrow. Just liked the meme.