I think the market is ready to head down. Today we might see a rally to new highs in the first part of the session followed by a steep drop. If the market fails to drop after such a rally and continues higher after the lunch then I will consider I was wrong and that I need to start covering my short.
Another possibility is a gap down and drop. It is hard to asses which is more probable so early before the open but I lean towards the first scenario.
See you on Friday.
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