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On November 20, 2023, we had a small pullback bull trend. Then late in the trend there was a huge bull bar (see picture). I quickly concluded that this was a climax, and hurried to short.
The market kept going up and I was exasperated. Al says huge late breakouts are climaxes, so how can the market do this to me? After a few more bars I covered and then it occurred to me maybe an SPBL will defy all reasons for selling as long as gaps are intact and there have been breakouts. So I bought and made the loss back (phew!).
I was still sad and hurt that Al didn’t cover this scenario.
Next morning I checked out the Daily Report and there it was “…possible exhaustion gap,… also small pullback bull trend with 2 gaps, so likely to last all day”.
I said OK, maybe he’s just saying that in hindsight. So I looked through the encyclpaedia, and there it was again: Part 4, topic “G E U F so MG – Exhaustion Gap Up Failed and Became Measuring Gap”, with a whole bunch of examples where a small pullback bull trend defies apparent climactic late breakouts and just keeps going!
I stand properly chastised. Da King rules!
Can't tell you how many times I've seen something in the market and said "there's no way Al covered this" just to find the exact case covered in one of his books/courses/encyclopedia as I later reviewed them.
Long live the king!
