I'm seeing a massive inverse head and shoulders forming on both the 4hr and daily charts.
There's a chance that this has already played out but I don't think that we've corrected far enough down for the formation to have been fully completed.
The last two times we had this many longs stacked were on 2/21 and 3/13, and we saw significant corrections on those dates.
MACD has turned bearish on the daily.
It also just so happens that we would bounce off a major support line if this inverse H&S plays out as charted.
Shorting down to the 55-54k levels. If we bounce off of there then we should see new ATHs by second week of April.
There's a chance that this has already played out but I don't think that we've corrected far enough down for the formation to have been fully completed.
The last two times we had this many longs stacked were on 2/21 and 3/13, and we saw significant corrections on those dates.
MACD has turned bearish on the daily.
It also just so happens that we would bounce off a major support line if this inverse H&S plays out as charted.
Shorting down to the 55-54k levels. If we bounce off of there then we should see new ATHs by second week of April.