The first clue of the bear market I showed in my September chart about the Bearish divergence on the RSI. It looks like its following through with that warning. Now the question is how far will it drop and for how long. This bull run was the longest bull run ever which makes me nervous on how long this bear market will last. The last 2 lasted 823 days with a 50% drop and 546 days with a 58% drop. Comparing these drops to this time would line up to around the .618 and .786 FIB. Looking at the SMAs both hit the 100 and 1 hit the 200. It went lower then that area but not much further lower and would make it a great buy for the long term. Looking at the monthly RSI anything under 30 was a good entry point.
Keeping in mind with anything under a monthly RSI of 30 is a good buy. There has been clues on the weekly bullish divergence around that same time frame.
Looking at all these clues right now. Either shorting or staying out of this market will be the smartest idea for now.
Keeping in mind with anything under a monthly RSI of 30 is a good buy. There has been clues on the weekly bullish divergence around that same time frame.
Looking at all these clues right now. Either shorting or staying out of this market will be the smartest idea for now.
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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.