Very nice squeeze yesterday as it even surprised me on how high it went. Nothing has changed though as there shouldn't be much left on the upside as we should start back down today or tomorrow with the biggest part of the decline expect on Thursday or Friday. I still do not know if it's going to be a C wave decline or wave 2 as discussed in yesterdays update.
We'll just have to let it get going first to see what happens, but the bearish period will expire by this Thursday or Friday and then the cycles will turn back up to bullish until the first week of December. The next 2 weeks are normally bullish anyway as it's the Thanksgiving Holiday period, so if we get a flush out, where the bull stops are taken out below the October 10th low, then the move up should be very strong as again, it will be powered by squeezing the bears and have very little bulls in it.
Beside the cycles pointing to a low this Thursday/Friday it's also a common pattern that used too happen a lot back in the past when there was only the monthly options. It was called "The PitBull Low" from Marty Schwartz as he first discovered it (as assume?) back many decades ago. It's where the market makers take the market down the week before the monthly OPEX to crush the longs and lure in the shorts. Then the week of OPEX (next week) they squeeze it hard after the retail longs got shook out. Maybe it happens again into this Thursday/Friday, who knows?
Have an blessed day.
