A lot of people compared this drawdown thus far on indices
$SPY $QQQ to October of last year.
Let's visualize what that would look like. Some form of bounce soon, followed by chop on indices and lows in most individual stocks.
I actually like this idea because it aligns with my initial thoughts: "I expect a short term top in June. Then 1-2 months of chop, bottoming late July into early August."
$SPY just tested the 50 EMA.
Every trader looking at this chart is asking the same question.
Is this the dip that pays you, or the one that takes the whole year back? 🧵