As expected, countertrend bounce came in this afternoon. Expect it to continue into tomorrow. I have highlighted on the chart 2 levels to watch for the turnaround. Due to overall weakness, at this time, it does not look like the bottom is in.
Note
Countertrend target 1 reached.Note
Countertrend rally over. I doubt it will be straight up then straight down. Most likely it will roll over slowly and form a right shoulder. But if the Ukraine situation resolves, the downside is off the table short term.
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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.