#RSP and a simple parallel channel give a hope for the next week
Hi there!
What a ride! I believe it’s a good thing that the market is closed for the weekend—I need to recharge my battery.
Today's thoughts:
If we draw a parallel channel on #RSP, which is equally structured by weight, we can observe that the price has touched the lower line.
This means that, theoretically, the price could hold here and reverse in the next week (or weeks), as it did in October 2023. Alternatively, it may not hold and could move down further, similar to what happened in 2020.
My point here is that the hysterical sell-off is near its end. The question remains: how much more pain will the Bulls endure before the reversal begins?
Happy weekend!
What a ride! I believe it’s a good thing that the market is closed for the weekend—I need to recharge my battery.
Today's thoughts:
If we draw a parallel channel on #RSP, which is equally structured by weight, we can observe that the price has touched the lower line.
This means that, theoretically, the price could hold here and reverse in the next week (or weeks), as it did in October 2023. Alternatively, it may not hold and could move down further, similar to what happened in 2020.
My point here is that the hysterical sell-off is near its end. The question remains: how much more pain will the Bulls endure before the reversal begins?
Happy weekend!
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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.
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.