I've been stubborn in my hypothesis that people will "sell the rally" instead of "buying the dip." I see the top of that rally around the historical yearly average of 8% ytd gains which is at 2890. I also looked at most of the previous recessions and they all had a first move down before retracing 78% of that move before heavy selling into the December earnings.
Basically on a small timeframe it looks like the red wedge is breaking down which would yield my desired 2700 target. I think it will all get bought up pretty quick and look like a false breakout thus implying a breakout of the opposite side (up)
White (wedge??) yields my desired upper target, but the two look ugly together. Oh well.
Basically on a small timeframe it looks like the red wedge is breaking down which would yield my desired 2700 target. I think it will all get bought up pretty quick and look like a false breakout thus implying a breakout of the opposite side (up)
White (wedge??) yields my desired upper target, but the two look ugly together. Oh well.
Note
Potentiality for 2675 by tomorrow’s open. Keeping 8$ stop.
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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.