Many ways to look at a thing
There are 5 good reasons to short right now:
1. Leveraged longs are near their all time high
2. We are a hair's width from the 200 DMA (orange)
3. We are still in a downtrend (blue)
4. We are in the rising wedge pattern
5. On the Weekly and Monthly charts we've already rejected a number of important bullish trend lines.
Of course there are some bullish indicators too, like the golden cross, but this is a contrarian scenario.
1. Leveraged longs are near their all time high
2. We are a hair's width from the 200 DMA (orange)
3. We are still in a downtrend (blue)
4. We are in the rising wedge pattern
5. On the Weekly and Monthly charts we've already rejected a number of important bullish trend lines.
Of course there are some bullish indicators too, like the golden cross, but this is a contrarian scenario.
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