Retest Variation Buys For Dummies
Retest Variation Buys For Dummies
A thousand pardons for posting over you Mole, but I fear this is important. [Mole: you are forgiven, mate].
Bottom line, the bearish case is intact, but hanging by 4/5 of a fly’s foreskin.
When we had the 3 updays followed by a shooting star candle on an UNRETESTED LOW the odds overwhelmingly favored a down close.
Thats what happened.
But its up to the bears to take this and run with it hard. Any breach of the daily high should start a short squeeze of unknown duration. Sure there is epic resistance above, but I suspect the amount of retail shorts in the market could squeeze past that resistance and start something stupid.
So the decision making becomes clear. The bearish case needs to prove itself, and fast, with downside momo and increasing downside breadth.
Anything else, and jump from your shorts and get long. Perfect setup for this is the retest variation buy.
Scott
[Mole: And once again we arrive at the same conclusion from two different directions 🙂 ]
