This is just a quick weekend analysis to help understand what's going on on the chart and prepare for what may come next.
So many tech investors got caught by a fast and vicious correction (slightly exceeding -14% from recent top) - Traders should have got out of the market earlier once the prior low / support was broken, but maybe it's not too late.
there's a very interesting confluence area where many MA's (20, 50, 100) converge with the trend line of previous bottoms. so we expect a possible market reaction around that area - if it acts as resistance and we bounce off of it - so that's a new "Lower High" (that's our next chance to get out, or get some hedging in place), we then look at where the market puts the next low - we're between repeating the pattern from Aug/Sep 2024 - or a continuation down for a confirmed bear cycle.
one assumption here is that we actually bounce up off the current closing from last week - on positive geopolitical news -that may not happen and this view becomes obsolete.
Note: these are just thoughts and the analysis i will use to drive my trading in the next few weeks. Please do your own research - if you agree or disagree, i'd love to hear / read your thoughts.
So many tech investors got caught by a fast and vicious correction (slightly exceeding -14% from recent top) - Traders should have got out of the market earlier once the prior low / support was broken, but maybe it's not too late.
there's a very interesting confluence area where many MA's (20, 50, 100) converge with the trend line of previous bottoms. so we expect a possible market reaction around that area - if it acts as resistance and we bounce off of it - so that's a new "Lower High" (that's our next chance to get out, or get some hedging in place), we then look at where the market puts the next low - we're between repeating the pattern from Aug/Sep 2024 - or a continuation down for a confirmed bear cycle.
one assumption here is that we actually bounce up off the current closing from last week - on positive geopolitical news -that may not happen and this view becomes obsolete.
Note: these are just thoughts and the analysis i will use to drive my trading in the next few weeks. Please do your own research - if you agree or disagree, i'd love to hear / read your thoughts.
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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.
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.