Thanks
@SoundandFury20.02 was todays low intraday.
I cant see any reversal patterns or candles, looks like SHORTS want to & can run this sub 20 atm.
You WONT be happy if you buy at 20.00 and it goes to 17.50 for example.
There is a long long way to go till Sept - 31 October the historical seasonal lows.
The monthly chart has formed yet another CLIFF FACE (No. 3 this year)
The 2 x prior CLIFF FACES Feb/Mar & May/June both saw 500c-600c fast sharp drops
This cliff face formed on 17 July to today and its only 7 days & 245c so far so another 250c-350c to go if the history repeats which it often does here.
Sorry to say but the SHORTS are looking at this 3rd wave CLIFF FACE pattern toward 16.50-19.50 now.
My call long ago in Feb & May was 20-22 annual lows to hit during bear season but I made that call when it was 24-29 long ago and now im seeing capitulation weakness & bearish candles galore around 20-21, not good.
SHORTS may smash this down next 7 days before the usual August DCB fake bull trap run up.
Very worrying trend here.
Next 7 days could be a SHORT ATTACK FEST attacking the MARGIN CALLS & STOP LOSS bids.
Too risky, i wouldn't put in any set bids right now as the SHORTS will take them and burn you lower.
Wait for the floor and reversal candles on a defined up trend, wait for the capitulation trade and blowout.
Many MARGIN CALLS & STOP LOSSES are being hit here and this will force involuntary sells and the SHORTS know where they are.
In 2022-2023 I posted my dire warning on here calling out the failed H energy project as nuts & a $1B cashburning debacle and was SPOT ON. I then said FMG should stick to its core business just like RIO ought to have in 2019 when it too lost $12B on african "waterfalls".
Trading Rule 6
never buy on the downside, don't catch the falling knife, you don't know where the bottom is, wait for the floor & reversal candles with volume confirmation and buy in a defined uptrend.
Trading Rule 7
patience is a virtue, money moves from the impatient to the patient (Buffett)
(20min delay)