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Waiting for a pull back
since May 29, 2017
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As trader we often have to look at the past to guesstimate the future. In this chart I compare two past large drawdown events, the 2000 Dotcom Bust and the 2008 Financial Crisis to our current situation. Both of these events, which were massive in nature, had drawdowns of over 50%. We are currently at 30%. If our current event is similar we should expect another...
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First the bad news: Sell volume is up. Short term trend down. Support 2 broken. Next stop Support 3? Now the good news: Stock RSI is turning up on the 4hr and seems to be over sold. The long term trend is still up. Personally, I'm on the fence. If 2425 is broken, I may get out of my position and wait for a good entry. It's a long weekend and the bigger US traders...
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