The following chart is just an update of yesterday’s. Here’s why I’m noting it…
The only thing that has been moved or changed on it is the text representing #1, where I moved it out of the way so you could see today’s price moves.
Again, you know what’s coming: “It’s all a bit too technical.” Think I’m “beating a dead horse” as the quip goes? Just look at the chart for yourself and note how the “markets” gapped back down then, just as it did yesterday as I explained on today’s show, the algorithmic bots did anything and everything looking for “larger prey” (aka stops) where yesterday they nibbled. i.e. 4500.
What happened the moment it reached there and found there were no more “whales” to feast upon further and stay above it? Don’t take my word for it, you can see for yourself, while remembering that touch at 4500 and immediate drop is represented by one minute intervals. i.e., like touching a hot stove, then the repelling action with immediacy.
Here’s that chart. To wit:
The inherent issue pertaining to all the above is this…
All these types of “technical hits” are ones that keep solidifying my interpretations as far more correct than incorrect. We’ll discuss precisely that and more on tomorrow’s show.
See you then.
© 2022 Mark St.Cyr
Note: This is not trading or investing advice of any sort. This commentary is for “big picture” discussion purposes only. Please read, or re-read the “About This Site” page for any questions or clarifications.