There is a lot bad going on to just spring up from now. Many seem to hope for up move to 2930-60 for a second chance to short and feel safer doing so at higher levels, or go even higher to test 3000 or go beyond. I really don't think that can happen. I think we need to go lower, but it is a really though call and quite an uncomfortable trade. I just think against all the odds we should go lower. The damage to the chart is bad and it is asking for a surprise catalyst to move lower to 200-Day MA at least which should be broken eventually.
Technically, we bounced off 50-Day MA, bounced of the trendline and don't have much support below, but a lot of resistance above.
The argument for long position is that we may have created a double bottom on the chart and are off to rally up. But what are the chances of it in the face of pretty bleak news and the fact that everything is so overvalued and that we are quite overdue for correction and recession. I really don't know.. It is always the best guess... I think we need to go lower, but nobody can tell 100% what will happen next week.
Disclaimer: This information is for entertainment only, it may be incorrect and should not be used for your investment decisions as you may lose all your money...and.. although my name says so, I am not from the future and don't know the future. I may or may not have a position in the symbols I talk about.
Technically, we bounced off 50-Day MA, bounced of the trendline and don't have much support below, but a lot of resistance above.
The argument for long position is that we may have created a double bottom on the chart and are off to rally up. But what are the chances of it in the face of pretty bleak news and the fact that everything is so overvalued and that we are quite overdue for correction and recession. I really don't know.. It is always the best guess... I think we need to go lower, but nobody can tell 100% what will happen next week.
Disclaimer: This information is for entertainment only, it may be incorrect and should not be used for your investment decisions as you may lose all your money...and.. although my name says so, I am not from the future and don't know the future. I may or may not have a position in the symbols I talk about.
Note
I expect DOW JONES having -2000, -3000 down moves making huge headlines and panic in the weeks and months ahead.
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.
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.