In my opinion, so much transpired this week that it would take a novel to cover all the events.

In my opinion, traders started digging the Tiger trap early this week, believed in expectation of Friday's news.

What appears to be taking place is the transition from the bull market to maybe a bear market.

Traders have shored up the basis, and put $10.50 back on to October. A 50% retracement of October will place it at $230.00, which happens to be the gap area from 7/13 to 7/14.

I think the dismissal of the border reopening is wrong.

Nonetheless, the bull market is believed complete and so far, this is only the first decline from the top.

With a multitude of factors recently culminating at the same time, positions taken prior to these events may need some attention.

Written by Chris Winward

Written by Chris Winward

Written by Chris Winward