DJIA downside target
Updated
See note on chart.
Yet to see any capitulation from bulls.
Solar/lunar cycles bottom out within 10 days.
Still short every rip.
Yet to see any capitulation from bulls.
Solar/lunar cycles bottom out within 10 days.
Still short every rip.
Note
An obvious point, but that descending trendline is proving to be strong resistance.I see bulls expending considerable buying power and energy to crawl up to that line, only to see very swift declines.
Surely each and every attempt weakens the buyers?
I still think we're headed down to that gap within a week or two.
But the trendline is a good line-in-the-sand for bears.
Note
Gap from 21st March filled today, but 50dma is holding so far, and would be good to see a close back under the descending trendline.All over the interwebs I read nothing but sanguine confiidence from the bulls, and even the bears are now throwing in the towel.
I will let the market show me, but I do lean towards another washout decline to inject some real fear, wash out some weak-handed longs, and enable a move back up to test the highs again in May.
Still short the Dow, and also copper.
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