I believe I was wrong on a bull rally but instead the market is performing what I was planning back in September of 2023.
A sideways range for the next 20 years. It just took awhile to start to roll over. The June, July and August monthly candles completes the engulfing pattern at the top of the bear flag.
I am now short after taking some losses on my Dow position and will target the rising to flattening out 200sma down at 2900.
Notice the bear flag as well on the MACD? It will soon too be rolling over and going deep into sell territory. Plus the monthly MACD divergence.
I can't believe I got suckered into this fake bull rally after being a bear back in 2023.
I will link below my original thesis as I don't want to go over the same charts as before.
One thing to note on the Daily chart is the violence INTO the 200sma is regarded as a selling opportunity.
A sideways range for the next 20 years. It just took awhile to start to roll over. The June, July and August monthly candles completes the engulfing pattern at the top of the bear flag.
I am now short after taking some losses on my Dow position and will target the rising to flattening out 200sma down at 2900.
Notice the bear flag as well on the MACD? It will soon too be rolling over and going deep into sell territory. Plus the monthly MACD divergence.
I can't believe I got suckered into this fake bull rally after being a bear back in 2023.
I will link below my original thesis as I don't want to go over the same charts as before.
One thing to note on the Daily chart is the violence INTO the 200sma is regarded as a selling opportunity.
Note
My position on the Dow as of now, will add on Monthly candlesEntry: 39,223
Stop: 42,000
Target: 22,000
My position on the S&P, same as above, adding on Monthly candles.
Entry: 5253.00
Stop: 5750.00
Target: 2900.00
Note
This is my bear thesis that I had planned in late 2023 that I am reverting back to. Sell off to 37,000 then hard rally back up to 40,500 for the start of the 40% sell off.
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.
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.