Okok thanks, very interesting analysis. As you said in your video, a lot of “mechanical” traders have been indicating a sharp drop so it is hard to know. I favour your opinion here though with a stop loss being walked up.

Both, really. I do think that the rally off the Dec 26th lows has more upside left in it & I also think although I might be wrong, a long entry here on this initial thrust below the 60-minute bearish rising wedge patterns offers an above average R/R if stops are kept tight as if my analysis is correct, we just had a lot of shorts pile into both the futures & the index tracking ETFs (SPY, QQQ, etc.) as well as many stocks, such as the FAAMGs, on those breakdowns as well as the gap down at the open. Therefore, if my read on the charts is correct, the markets are likely to rally very sharply today & tomorrow as those shorts get squeezed out & other natural (long-side) buyers start to jump in as well.