The previous low was 61956, still 1% away from the 81250 level we previously calculated as 87500x0.7. I don’t know what to say. The market action over the past two days has taken out a lot of friends. 653-659 is the most recent major resistance zone. A retest is normal, but it shouldn’t fall below 63814, which is 61956x1.03. If it breaks below that, we’ll have to find a new bottom.

The ones getting liquidated over the past two days probably aren’t the people holding on through losses, but the ones in chat groups shouting, “This time is different.” The real danger is thinking you can predict something just because it’s “man-made.” Black swans are black because they arrive just when you think you’ve figured things out. I’ve seen too many people use “you win or lose, you accept it” as a protective charm, when really it’s just an excuse to take another bet.