Quick update:

I hope those first few of you who viewed this before 6:00 p.m. yesterday were able to take some profits with me before that correction! I had thought we had a few more hours to go, maybe even more than a day, but I was wrong, and I didn't sell as much at the top as I could have. I hope you fared better!

Meanwhile, we are all still wondering whether that was a correction on the way up, or the harbinger of a larger fall. As of right now, I just watched the bears bust through 10.5k on GDAX, and I anticipate they will continue.

We had the immediate reaction from the correction just now that did not come close to reaching the previous high, and then we had a second attempt at a rally that flopped before reaching the previous high again.

These next few hours will be critical in my determination of whether to sell more or wait. I am putting a stop loss at 10.1k, because that's where the last dip stopped, and if we go below that again after failing to reach 11.2k, then it is a very strong bearish indicator.

However, I think the most likely case right now is a consolidating wedge around 10.6k, followed by a big move up or down -- and my money is on "down."

Even if it does break above 11.2k, I will still be very cautiously on the lookout for another bull trap. This apparent recovery since 6k has been very unconvincing to me. What do you all think?