The general development is now down. So now I’m attempting to embrace the down development and keep in mind that identical to a bull market has down days, a bear market has up days. I’m attempting to study to commerce in a downtrend and it’s a first for me.
I’m not considering the market will flip round tomorrow and make new highs, however I do assume we could also be due a bounce up quickly.
H&S Top.
Price is stretched skinny like a rubber band proper now to the draw back in all the indexes and the possibility of a bounce to the upside is a robust risk. DIA is means under the bands, however all the indexes are under the Bollinger bands set on an 80 DMA.
So sure I feel value will bounce very quickly however I simply don’t assume it will likely be sustained for lengthy. Look at resistance ranges overhead and that may give you a clue the place value might go.
I might watch out with any long run Longs for now.
The development up is an extended one and fib ranges are marked underneath value. Price has handed the 50% retracement stage, however might soar again up there anyway. There is simply no telling.
No advice/Short after bounce if it happens and patiently awaiting a backside.
“The secret recipe for success in stock market is simple. 30% in market analysis skills, 30% in risks management, 30% in emotion control, and 10% in luck.” — Benjamin Lee
https://www.tradingview.com/chart/KWxoAh…
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