But the wave count has gone sideways and that is generally a continuation signal. So this could easily be extending down to the $1.50-$1.60 range. A break out of the upper green rail soon says this model is wrong but I think patience here will pay off. If this does a unicorn tail style collapse then those who catch the bottom could double within 3 days...
With action like this I hope that people are waking up to the fact that there is no intrinsic price level when an economy is based on fake money. No asset can be worth 50% tomorrow and then 300% a few days later. This is all gambling on price moves, there is no intrinsic value in any of this crap and at some point the stock markets in general will collapse and will become thinly traded and ignored for a long time as being irrelevant. Keep in mind that there use to not be such a thing as stock markets and it really wasn't all that long ago.
Avg down at 1.86 from earlier buy at 2.04 .... new cost basis is 1.94 because of encouraging draw-down number from EIA today:
ReplyDeleteEIA Natural Gas Inventory: -76 Bcf vs. -64 Bcf consensus, -53 Bcf last week.