Looking at the strong trend upward here and a recent 11 1/2 year high, anyone care to guess at what point or when a drawdown or new trend down will commence?
The COT report on the bottom is compelling. Back in late 2016 when the commercials and large traders were in the same position it fell 50% over the next two years. If I was forced to take a direction it would be short.
The uptrend started in 2020. It breaks the 7 year high but that is not a significant event. Soon it will be on a downtrend. It will probably happen a few months/years later.
So, based only on that information, you would go short now (if forced), in the face of an obvious uptrend?