Weekly Market Outlook: Let the Market Prove It Has Topped

“Let the market prove to you that it has topped.” This is a quote from one of my favorite traders and maybe one of the best Gann traders to ever live outside of Gann himself. What it means is that we can do all the analysis we want to arrive at specific dates and times the market may change trend but the market must prove to us it has made a significant change in trend before we change our bias.

In the short term, we have been preparing for volatility for a few weeks now. Last week we got it. Bitcoin alone saw a ten thousand dollar intraday range on Tuesday while ETH price fluctuated over 600 dollars. Similarly the S&P gapped up on Friday and managed an intense sell off into the close.