I have not changed the road map since Oct 6, 2022.
Looking at this chart, I am convinced that should we see a rally to $7.30, I would still happily go short there!
Alternatively, if this chart starts to crack, it could be horrid, and as things one would have to say, the majority of the market is long in size.
Hence where does the price need to go to hurt the most people?
I am not advocating selling this market naked here in size, but I am saying that I would look at shipping in some cheap puts against any longs you may have because a move lower from here looks very much like it will end up hurting the most.
Happy Monday!
“Don’t be a hero. Don’t have an ego. Always question yourself and your ability. Don’t ever feel that you are very good. The second you do, you are dead.”– Paul Tudor Jones