Once again, we reach an upper target for our analog without having tagged the downside target. It’s not that there weren’t opportunities. But, the cheerleading has been loud and long, with winks and nods over the last 12 hours as to how well both the Brexit and China trade deal negotiations are going.
Then, of course, there’s been the incessant algo-baiting, with VIX again threatening to abdicate its breakout.There’s an old saying that says “buy the rumor, sell the news.” There’s another admittedly less well-known one that says “fade important Fib and channel tags, especially when there’s an obvious rising wedge in the midst of a short-squeeze.”Will this be one of those times when one should sell the rumor?
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