Anyone trying to short the S&P, oil, or PMs are having a rough time right now as tags to support (with underlying bullish structure) are getting their collective arses handed to them. I added more ATW today at the gift price of $10.05 when I saw UWTI tag support (also midpoint of Bband). I was placing a calculated bet that ATW would manage to close above support fib level today. If it didn’t I would simply stop out with littel damage. Good risk/reward and it paid off.

UWTI

ATW

DUST relentlessly rejected at the TL under bearish structure. Adding PMs on tags to the TL have been like hitting an ATM.

DUST

Wait for bearish structure and volume patterns to emerge at resistance instead of just guessing that prices have gone too high or sentiment is at an extreme. We’ll leave the guessing and hoping to the gurus. It’s really a shame that technical analysis and interpretation of chart patterns never works 😉