On September 25th we had an NFTRH+ update highlighting 4 short setups. A couple setups were active, including AMZN, which I am currently short, and a couple were just potential setups, like FDN, a holder of all sorts of internet related companies including the aforementioned AMZN.
We have for several weeks in a row now been charting the degrading situation in the Internets vs. the broad market in NFTRH reports. Tech is a leader they say.
Here was the original chart, looking like a typical bear trap situation. But I decided to short it anyway, despite a non-breakdown, due to how weak that right shoulder looked.
Well, so far so good. The neckline changed color and as long as this breakdown is in play we’ve got a target of 115 and a test of the December 2018 lows (which may well be the destination of the broad markets as well).
Now, this market has taught bears that they should always lose, snatching defeat from the jaws of victory. But in the markets one thing you need to be able to do along with remembering your lessons, is temporarily forgetting some of them too. Anyway, there’s a clear parameter here; if it stays below the neckline resistance it’s really bearish.
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