Doesn't mean we are out of the bear market but be ready for a possible giant rally to ensue. Probably biggest one since this bear market started. We got the retest i have been looking for and now the bulls will have some to sink their teeth into and try and build on this.
Good trading.
2 comments:
Why do I have the overwhelming feeling that this rally will be killed in order to ensure a full rate cut next week? What about another -500pt day to get an emergency cut on top of the expected cut? Prob. unlikely at this point.
I'm tired of chasing the up and down. I'm being extremely cautious. It reminds me of a washing machine being stuck on spin and rinse...
Bear market rallies are notorious for this type of day. On wallstreak today i told someone I wouldn't be surprised to see 500 pt one day rallies in bear market and could even rally more over several days/weeks followed by complete failure down the road. We will not know until it actually happens. So as of now, retest successful and even the biggest bear will admit that. We'll see how it plays out. Very exciting times to be a trader.
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