01.29.2022
DAILY CHART: Risk Reward wise, being short makes sense, protecting against the FIBO (97.70 ish). That is what offers the most convexity, knowing that if that breaks, convincingly, we could be in for a scramble chase higher.
The 94.50 level should be support, and should see some congestion. if the dynamics pivot hard and we see the index get given beyond 93.40, we could see a trend change that takes is much lower.
WEEKLY CHART: The BEARISH CASE is still very valid, and we still feel that this year’s bigger move will be LOWER. There was a wave-5 TRUNCATION on the weekly count, making this move higher corrective in nature.
