I just want to drop a quick note that this range (ES=778-772) can act like a short term support again as it is a proven xTrends point that already produced 30+ points rally. xTrends almost always produce reaction when tested first time.
The thing is we are now testing it second time but the time difference between the tests are very short implying that these tests can be considered as one.
Sol knows this and he closed another position to reduce the risk. It is a wise decision considering his account size. However the countdown for the big event started as of today and we have 3- months to get it.
As per our conversations with Sol, he let you know that, too many equities and sectors achieved their monthly and quarterly targets when SPX tested 830, implying a major reversal. This usually blossom into another swing move which should be the final leg of this bear market considering the larger picture.
Therefore, as an intermediate term trader, I stay short until Market proves the otherwise.
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