Today, LTC printed a high of 130.97, as it did exactly that, in a move higher to test the top of the . Now, while everyone is getting uber , I keep telling people to calm down. A test of the top of the doesn't phase my outlook, and if you follow the same analysis style as me, you shouldn't be phased either. Every time we see a rally, the mooners come out of the woodwork to announce that the bottom is in. Well, I have news for you. The last rally failed. The rally before that failed, and every rally since the high has rolled over. So, technically, this is still an enormously weak market, that had a rally to the upside. In the grand scheme of things, we're still in a big , that has printed just below the breakdown from a massive . Little rallies don't change that. The trend is your friend, and the current trend is still down! LTC didn't even take out the high from the 4th, or break above the . Instead, it did exactly what it should have done — test the top of the flag, and roll over. In fact, unless we see a breakout above the apex of the triangle, I am going to remain a seller of big rallies in this market. Do what you want. Say what you want. I know how this game works, and right now, I'm selling this market from the top of the flag, with a tight stop just above. That's a low risk trade, and if the market rallies out of the flag, the loss would be minimal.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-Magic loves you-