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You may have heard about the Ethereum Merge, which is happening literally within hours of this post. I’m not an expert (not even close), but I found this article to be a good thumbnail as to what it’s all about.
I am, however, a chartist, and this chartist makes the same point he’s made repeatedly – – – break that intermediate-term trendline, and it’s bombs away. Break the dashed line also, and it’s mega-bombs away.
I am composing this post on Tuesday night, late into my flight back home. Say what you will about Bear Force One, but it came through. The last day of the horrible two-month countertrend rally was August 16th. My departing flight was August 17th. Bang. BFO for the win.
Let’s start off with a simple fact: out of 100,000 people, you’ll find maybe one true bear among them. There’s hardly anyone that’s ever going to posit a bearish argument about the stock market, because they have no vested interest in doing so. Not the carnival barkers on CNBC. Not the equity-pushers from Goldman Sachs, And, God knows, never, ever from any Wall Street analyst. 365 days out of every year, their message is the same: “Buy, Buy, and Buy some more.”
Thus, it is no surprise that we’re seeing a particular “fact‘ being pushed onto the public, stating in no uncertain terms that there has never been an instance in the history of the universe when a market has recovered more than 50% of its price plunge and failed to soar forward into a new bull market. I am seeing this argument absolutely slathered all over Twitter………..
Please note this vitally important retracement level on IWM. We peaked on November 8th, ground our way down lower through June 16th (eight months of bearish deliciousness!) and then have spent the past two months in this hellish, awful, horrific counter-trend rally, which has just about nailed the major Fibonacci level to the penny.
