This sell-off finally drilled through the annoying fake bullish strength from earlier. $EWY This round of short positions got cashed out very decisively. During the morning watch, many people were still wondering whether the rebound could keep going. I was watching whether the overhead resistance had been consumed. In the end, several attempts to push higher failed to hold; once the follow-through weakened, the direction became very clear.

I’d already noticed this area earlier. EWY repeatedly couldn’t break through near 179.97. I chose to follow the short-side rhythm rather than go against the kind of fake pull-up. What really caught my attention was that every time price probed higher, it was quickly pushed back—showing that it wasn’t that there wasn’t selling pressure, but that the buy-side couldn’t take it.

Now price is at 176.24, and the PnL shows +50.27%. After the trading range has opened up, my mindset should actually be even steadier. My plan is to first take profit in tranches using an 80/20 split, and keep the remainder with a protective stop while continuing to watch—don’t let profit get shaken back by back-and-forth volatility.

If you missed the entry, don’t worry. At this kind of level, the worst thing is getting emotionally carried away. Don’t chase; wait for the next opportunity.

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