Everyone Long, What Can Go Wrong?

Coming back in from my last update we have seemed to play to the tune of the more bullish aspects. Coming off that low from last update we have seemingly made ANOTHER Lower High. Some nasty H4 divergence probably was the catalyst to this as well as a few other obvious signals such as a possible 5th wave termination. All reasons to turn to the bear side of the force. Now that we have seemingly have broken down from the highs @10.9k into a 5 wave decline its hard to fit a bullish scenario that takes us right back over 10.9k. As the entire run up from last updates lows was seen as impulsive thus this new decline can be seen as a new trend SOUTH. With over 70% of all margin contracts long (BTFX/BTMX) it is hard to say that the whales want to get everyone paid. As long as we stay under the .618 retrace of the drop we should see another 5 wave decline at the minimum of a 1:1 of last drop. If the bulls can manage to push over the GB and close we will reevaluate our scenario but for now all checks have signaled to the bearish side. Sells are welcomed with a stop somewhere over that GB. Targets first is a 1:1 then 1.618 of last move down. Remember to always practice good risk management and set your stop appropriate to your lot size. -


SH


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