Obviously there are many reasons to be bullish right now, but it's hard not to rule out this just being another touch of the top of our descending channel and a return to its base.
Note
This appears to be playing out, although of course we have a lot more to go to get back down to the bottom of the channel. Every time we've hit the bottom of the channel we've had a quick reaction rally back up to the top , then dropped about 35% back down to the bottom over the next month. Not sure there is any reason to think this time will be any different (?).
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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.