Possible Double Bottom OR Dead Cat Bounce
We might retest the prior support level as indicated by the magenta arrow down. If the support holds and we get a double bottom, expect a nice trend reversal. Another scenario is this may have been a bull trap and /or dead cat bounce. If it is...and if the support fails, we could see new lows around 7K.
My hope is we're in an ABC correction as charted. Time will tell. Regardless, I think the long term future is bright. We should be in a bull market by late next week AT THE LATEST...possible as early as tomorrow. Of course, that's just my opinion. I'm not an expert or financial advisor. I do wish everyone the best.
My hope is we're in an ABC correction as charted. Time will tell. Regardless, I think the long term future is bright. We should be in a bull market by late next week AT THE LATEST...possible as early as tomorrow. Of course, that's just my opinion. I'm not an expert or financial advisor. I do wish everyone the best.
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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.