(Fixed most of my spelling and most of the grammar - when I get in a hurry, I type as bad on my blog as I do my phone)
Wow, the price action is insane. If you have been following Zero Hedge's posts about how the most shorted stocks have been shooting higher in amazing short squeezes, then the market has probably entered the fabled "blowoff top" phase that everyone always likes to throw out there as if it was ever a real thing.
Well, it appears it may very well be a real thing, so we'll see if it has some legs. I have several counts but I'll be honest I'm looking at the most bullish short term count as perhaps the top one as a result of this morning's price action. Are there more hedge funds about to get crushed?
The range is 42,441 - 42,485 a fairly tight window for two Fibonacci relationships:
(B) = 1.618 * (A) @ 42,441
Within (B), C = .618 * A @ 42,485
Ok, well now that I have "pinched" myself maybe back to reality, I have 2 more counts.
The second count is the market is in some kind of ending diagonal because of today's overlap.
The last best count is that the market peaked and you saw a final spasm today with the ridiculous short squeezes....
Tesla made a new high which was required but not sure if its the top.Yeah, Gamestop. I could show you 8 - 10 other junk stocks that look the same. Volkswagen all over again? You know the Robinhooders ain't gonna stop trying to squeeze which means the HFT machines are