Cobra's Market View

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It's a diamond top which could go either up or down from here

It's a morning hourly filled black bar

Well we hit the 75% retrace and turned south. Apparently a gap up open did not draw sufficient buying.

There is an open gap much lower.

X post from Julie Wade saying European institutional selling is behind the fall. They are unwinding there large high beta positions in US based companies.

Very strong selling, this bear shall have legs.

Descending triangle, breakdown is more likely.

15 minute cash hours. Draw your own conclusions.

6000 tick showing a low volume node supporting Cobra's call for another drop.I am looking at last Friday. After that the road to 6,800 won't be easy. Assuming Julie Wade is correct and this was Danish and other sovereign wealth funds getting out of mag 7 I have zero knowledge of a source to estimate if they are done. This is the second time in a couple of weeks where they are being blamed. But if we drop enough Goldman was warning that the CTA's will hit automatic sell levels and dump yet more billions.

Strong rebound but it's just the very first step toward a bottom.

Now let's see whether bulls can make a double bottom here.

Filling in the hollow part of the profile. Need to see this bottom before it drops through 6850 because that looks like a down elevator below it.

Setting up to close on the day's low. Really need an after hours bounce!

Well, guess that's it for today. Here's what Friday tomorrow looks like: https://stockcharts.com/public/1684859/ ... /533449397

Thank you guys, I'll see you in another thread soon.

Before the close, please take a little time to vote for me, thanks: https://stockcharts.com/public/1684859/ ... /533449397