A warning shot would be a deep drop heavy selling over 3% -5%.
That's what happened in late January 2020 after the CV black swan popped up.
Then a rebound then the market starts a down trend.
Which happened in Feb/March 2020 then bottomed with the 6 Trillion stimulus package.
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Replying to @MasterBJones and @traderbjones
What is your version of a “warning shot”?