Watch 8500 Level and Tom DeMark Countdown To 9.
Updated
As stated before on previois charts we bounced off of the 50 Day Moving Average resistance and headed back down towards the 200, which will give us support around 8500.
Watch the red numerals underneath the candles for a sign of a reversal towards the upside. These are the Tom DeMark indicators and from the looks of it, we will hit a 9 before going back up. A 9 is not guaranteed before a turn, but does make it a stronger signal if it does.
Also watching the MACD. We could fall further should the histogram fall below zero and the green and red lines cross. Stochastic is oversold, which is good.
As usual, my concern is always the 50 day moving average. Because it is slanting down, we are in a downtrend, although I suspect this will be short lived.
Remember, we could just move sideways for a while, which will become more evident should the 50 go flat. Strong trends one way or another only happen about 20% of the time. The rest of the time we just oscillate back and forth.
All in all, these are prices you will not see again once we start recovering. Look at this as an opportunity to buy more at the red 9, and then HODL.
Watch the red numerals underneath the candles for a sign of a reversal towards the upside. These are the Tom DeMark indicators and from the looks of it, we will hit a 9 before going back up. A 9 is not guaranteed before a turn, but does make it a stronger signal if it does.
Also watching the MACD. We could fall further should the histogram fall below zero and the green and red lines cross. Stochastic is oversold, which is good.
As usual, my concern is always the 50 day moving average. Because it is slanting down, we are in a downtrend, although I suspect this will be short lived.
Remember, we could just move sideways for a while, which will become more evident should the 50 go flat. Strong trends one way or another only happen about 20% of the time. The rest of the time we just oscillate back and forth.
All in all, these are prices you will not see again once we start recovering. Look at this as an opportunity to buy more at the red 9, and then HODL.
Note
For the record, this pullback can come in around the 9500/8000 region. There Fibonacci ratios of 0.382/0.618 can react as support and push prices higher. Fibs not shown on this chart, sorry.Once we do recover, in short order, we will grasp for 13k-14k.....and of course All Time Highs by 12/18. Just remember, nothing goes in a straight line when doing charts.
Note
We never hit the 9 count and now stochasric amd MACD have turned up. 50 day MA is first resistance and the cloud is next at 12k. Note
geez my spelling can suck
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