Stupid tall wick should form just past POC

2022年2月1日

Market is competeing between short term up and down channels. Large sudden moves to change sides occur in these cycles. Thesis today is that we get a really massive jump to the other side, based on old Point of Control on volume that went untested when we spiked down before. It will fail to hold, because this is being driven by dumb money. The smart money will start selling at the top of this spike and leave a really long ass wick I'm guessing. Targets are about 12-15% below new low of the clump we just made. Incidentally, that clump was fighting on the 50% fib line of the down channel, we held it eventually and now spiking up, but unlikely to continue IMO. Man... I need to start trading futures on these exact contact points. LONG today with no hold at top, switch positions to short. Think I'll go SQQQ at it's daily 50 MA or so. I'm guessing a move reversal from around 33 back up to 65 in only a few days. Now to work on my entries. :)