Our next support is pretty low...
We are in strong SELL signal here a any real support is a little ways away. We should see a bounce along the way, but I mentioned at an early test, early in this range, that making that sharp rise post Head and Shoulder's peak was in the cards. We finally fell through support and it is certainly back in the cards.
The initial rush of the NHL and NBA playoffs effectively held off this break out. Anyone trading the range and profiting during the past month or so, as I have, are now in a freefall.
Like I've said before, win, lose, up, down, sideway, etc. I am glad that we are seeing the real time examples that we are seeing. So far I have been spot on with judging the market here, my support lines have nailed it as well. We are getting caught in the crash though.
That second purple dot came too soon and the yellow and first purple dot were great calls.
Now I'm saying that the next bit of playoff rush should hopefully help support the market here. Where and when the it is I've drawn in red, basically. The MLB season itself will also be a part of that support and is what could drive us back into profit for the season as late as, you guessed it, when the NFL season brings in the money.
Many of us were fooled in this range, with several tests of resistance and support implying we would break out to the upside. Notice the crash coming from a higher spot in the range, making that SELL signal pretty accurate.
The idea of shorting or fading the Fund now is on the table, put it's also a little late for that, we are working that out now.