Going into today’s trading session, given the geopolitical situation, the common retail idea would have certainly been “short stocks, long Gold”. Markets however, are a machine built to trap retail looking for the obvious trade, so of course, ES put in a massive short squeeze and Gold dropped. Days like today are impossible to plan in advance, but fortunately the levels laid out yesterday respected nicely. 4100 support held and the recapture of 4170 triggered a run to backtest yesterdays 4260 breakdown point. This of course, backtests the major H&S pattern that caused yesterdays selloff, and we are in that zone basing as of writing now. Is this an “invasion bottom?”. Here’s what I’m looking for
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