The S&P 500 has been channeling higher, and it's at the top of its channel. Could we see a correction of 2 to 3 weeks? Sure. But a correction -- if it comes -- could also be shorter and shallower for a whole bunch of reasons.
And there's also the potential that the S&P 500 could break out from here and head higher, simply because it seems most traders are betting on a pullback.
So, I worry, but I don't let it stop me from trading. I took three positions off today, and added two new ones. Look for a post on that in a bit.
Rule #1: everyone sees the same pattern you do, and most people will have the obvious expectation.
ReplyDeleteRule #2: the market never hands out a free lunch and tries to screw the most people, and this often means patterns break down on the third repetition.
Today nifty open at 6,018.05 -60.75 (-1.00%) point .please suggest some target point
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