Update on the analysis I posted at the start of this corrective phase. We've broken out of structure and cruised towards the ATH. The only addition to the charts after the first analysis is an additional daily fib level. If we broke past the D 78.6 with the coinciding -0.27 level, I believe its time to strap ourselves in for the next phase of this bull run.
I believe the 'sweet spot' is no longer a possibility. We now see a clear break and retest of this key level and I expect price to break past the ATH and explore the realms of price discovery very very soon. Another tap off the ATH, a rejection followed by a small period of consolidation before the next leg up is imminent IMO! This coupled with the stimulus bill which has been passed by the senate with the injection of 1.9T dollars will really help the move up. Hedge against inflation you say?
I believe the 'sweet spot' is no longer a possibility. We now see a clear break and retest of this key level and I expect price to break past the ATH and explore the realms of price discovery very very soon. Another tap off the ATH, a rejection followed by a small period of consolidation before the next leg up is imminent IMO! This coupled with the stimulus bill which has been passed by the senate with the injection of 1.9T dollars will really help the move up. Hedge against inflation you say?
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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.