major correction looks about done
Dark blue line is the original trend line, the lighter blue was when it started to change at a more aggressive slope in July/Aug.
As you can see, we have bounced off of the light blue trend line and are starting to stall at the resistance side of the channel. I expect a pullback to around the 38.2% fibo level at about 8400.
Stoch and RSI are signaling a clear buy signal now, and if and when the re-test of support in the light blue trend line holds, we are going on back up, if it does not, then I can see the dark blue trend being our more 'normal' trend with, hopefully, less irrational people trying to catch a rapid rise.
As you can see, we have bounced off of the light blue trend line and are starting to stall at the resistance side of the channel. I expect a pullback to around the 38.2% fibo level at about 8400.
Stoch and RSI are signaling a clear buy signal now, and if and when the re-test of support in the light blue trend line holds, we are going on back up, if it does not, then I can see the dark blue trend being our more 'normal' trend with, hopefully, less irrational people trying to catch a rapid rise.
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.