Bear Trap turned into Bull Trap
Clear areas of support were marked in previous charts. Failing to adhere to stop-losses would have resulted in significant losses (20%+).
Falling out of the orange RSI line was the first warning sign. Falling right through the "consolidation" zone and into "...bears..." was your second warning sign. While bulls have a last-ditch effort before "...lots of bears..." you should have been well out of this AT LEAST $1,000 points ago.
Everything looks pretty horrible now with a clear M-top (double top) both on price and RSI. Inverted head and shoulder pattern that everybody talked about clearly failed as the neckline held as resistance.
Sorry folks - as bullish as you want to be, the market will be the market. Those that followed me b/c I saw some bullish signals (as did everyone else) but failed to see the clear bear-zones that were marked only have themselves to blame.
Good luck all.
Falling out of the orange RSI line was the first warning sign. Falling right through the "consolidation" zone and into "...bears..." was your second warning sign. While bulls have a last-ditch effort before "...lots of bears..." you should have been well out of this AT LEAST $1,000 points ago.
Everything looks pretty horrible now with a clear M-top (double top) both on price and RSI. Inverted head and shoulder pattern that everybody talked about clearly failed as the neckline held as resistance.
Sorry folks - as bullish as you want to be, the market will be the market. Those that followed me b/c I saw some bullish signals (as did everyone else) but failed to see the clear bear-zones that were marked only have themselves to blame.
Good luck all.
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