First off, I want to start off by saying that this is all pure speculation and something that I noticed earlier today.
The pattern leading up to the 1987 crash looks almost identical to the pattern setting up today on the weekly chart.
Huge spike higher. Consolidating at the top 33% of the move. Breakout of the highs and ripped higher to the 1.25X range expansion followed by the 1987 crash into the 0.50% level of that first rip higher. All along that rising bullish trendline.
If I was to transpose that same trend onto today, this is what it would look like.
If this is indeed the case, then I need to buy now as this is the low for the start of the move higher.
I originally thought that we are in a bull flag going at an angle down but the more I look at it, it seems it will stay in the top 33% and we are almost at the breakout of the highs.
I don't know if this will play out, just an observation.
This puts it at my original price target of 150,000 that I came up with using other methods and at the year 2034 as well.
The pattern leading up to the 1987 crash looks almost identical to the pattern setting up today on the weekly chart.
Huge spike higher. Consolidating at the top 33% of the move. Breakout of the highs and ripped higher to the 1.25X range expansion followed by the 1987 crash into the 0.50% level of that first rip higher. All along that rising bullish trendline.
If I was to transpose that same trend onto today, this is what it would look like.
If this is indeed the case, then I need to buy now as this is the low for the start of the move higher.
I originally thought that we are in a bull flag going at an angle down but the more I look at it, it seems it will stay in the top 33% and we are almost at the breakout of the highs.
I don't know if this will play out, just an observation.
This puts it at my original price target of 150,000 that I came up with using other methods and at the year 2034 as well.
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Related publications
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.