Historically, the months of August and September are not the most favorable for stocks.
Seasonality has been working almost perfectly since October 2022; I don't believe it will be different now.
From the top of the channel to the bottom would represent an approximate loss of 6%. A healthy move for the continuation of the trend in larger time frames.
Seasonality has been working almost perfectly since October 2022; I don't believe it will be different now.
From the top of the channel to the bottom would represent an approximate loss of 6%. A healthy move for the continuation of the trend in larger time frames.
Note
As expected, the first leg of the downtrend begins to show some signs of exhaustion in the demand zone. Therefore, a pullback from here should not come as a surprise.Note
After today's closing candle, the top of the retracement at B might have been set. Some liquidity should be captured in a new rebound; however, without reaching new highs.Note
The show of strength in "B" is surprising me after the negative candle on August 24th. However, I don't believe that the direction towards "C" has been changed by this. The important thing is that the overall reading of the movement is accurate so far, and that's my goal. Note
I hit my target. Now, I expect a reversal aiming for the all-time high by December 2023.Trade closed: target reached
END!
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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.