Dr. copper holds a PHD in economics. It looks to be making a failed H&S pattern.
Copper is a pretty reliable indicator of trouble. The chart is starting to look ugly and I plan to short copper if it breaks below the right shoulder.
Second, the US dollar looks set to make a run to 100. Although I did not take this trade (to sloppy), there is not much resistance past this point.
The general market action looks like this correction can go lower and last longer than previous ones. Although during this time of year we get the ‘Christmas rally’, I am standing clear of everything. It is best to move into cash and wait.
On a separate note, I want to show a market with bad price action.
Low volume and zero price action. Holders of bitcoin have lost interest. A sudden drop on high volume is a bad sign for this market.