3 gap up opens and fades…
At least so far today. If I wasn’t already holding full positions, no way would I be buying into this type of fugly price action. I’m not selling but I am expecting a full retracement at some point. Hopefully I am wrong, but still this is nasty price action from a technical perspective. Already down about 50% from the pre-market peak. Ugly.
couple this with the media narrative that redditors are behind this, and well, I am extremely skeptical about the durability of the rally over the last few trading days.
Heavy selling, but lets see how things look EOD.
Those pesky H&S patterns on many gold miners are still in play despite all this