So, Im not going to sit here and chart bull charts all the time and not give you guys some dose of reality. I chart with enthusiasm but I also dont trade what I cant afford to lose/hold. Have fun with it, enjoy the roller coaster, dont fear it. Having said that, no one knows where the market is going to go, but be prepared for all scenarios.
I placed a 5 week moving average to correlate with the elliot wave oscillator (EWO). Note the RSI as well.
I placed a 5 week moving average to correlate with the elliot wave oscillator (EWO). Note the RSI as well.
Note
2018 PeakNote
Both peaks. Added PPO and circled divergences. Looks like they happen before a big move.Note
Fib trace from the 2014 bottom.Note
Note
The dotted support lines are based on high volume nodes being present on the VPVR (not shown)Note
Here you can see the Williams R% (RSI momentum oscillator), is at the bottom like in the 2014 peak. This is a good sign for upward movement/end of the downtrend, however like in the 2014 crash, even at the bottom of the RSI and R% it can still find extra dumps.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.