I closed my shorts at $185 for a 15% trade and followed it by a long at $180 and closed at $198.
Now, just watching and waiting. If this breaks down, which it looks like it's going to, I'll be eyeing strong historical support in the $130s and will probably go long there if it makes it there.
The downtrend for the entire bear move remains unbroken and a descending triangle is forming now. We've had a large downward move on high volume, but still not entirely sure if I can call it climactic because the volume density was higher in the last panic sell to $275 and also the quick rise to $453. We may see one more leg down, but the market is looking ridiculously oversold regardless, so let's hope this scenario plays out.
Now, just watching and waiting. If this breaks down, which it looks like it's going to, I'll be eyeing strong historical support in the $130s and will probably go long there if it makes it there.
The downtrend for the entire bear move remains unbroken and a descending triangle is forming now. We've had a large downward move on high volume, but still not entirely sure if I can call it climactic because the volume density was higher in the last panic sell to $275 and also the quick rise to $453. We may see one more leg down, but the market is looking ridiculously oversold regardless, so let's hope this scenario plays out.
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