|The red bar marks the time to the low point of the correction. The red+green together represent how long it took for a new all-time high after the biggest correction thus far (2008).|
The gold-in-euros chart is the main reason I don't think things will get too ugly, and it's why I haven't been taking any short positions for awhile now (other than day trades).
On the other hand, a drop all the way to the 144-day MA, which would be around $1650, would not surprise me, seeing as we've been unable to re-enter the channel.
Ok, perhaps, dear reader, you've noted a change in my attitude, and perhaps I owe you an explanation.
You see, I visited the erudite trader Jesse at Cafe Americain yesterday:
He also fed me a little French cuisine, made from the simplest of ingredients he picked up around his house:
All in all, a wonderful time was had, and a spiritually bracing one as well. Most importantly, I learned the categorical imperative of trading: never sell a stock at a price you wouldn't want someone to sell right back to you. I'm hoping this secret wisdom will make me even richer.
And with that, God bless you. Till next time.