Friday's rally was strong, and although NFP euphoria fades, the Powell 'patient' remark and the resumption of China talks are very positive. An A-B-C rally takes us to the .618 retrace from the last high, which is close to the .5 retrace seen in the 20% drop in 1998, for example, and in 2016, before the inevitable double bottom some time in Q1. After that, it's anyone's guess.
2628-2644 is the confluence of the .618 from the last drop, the .5 from the ATH, the 29/30 Oct and 20/22 Nov closing lows, and and A-B-C extension from the bottom, given the New Year opening pullback. The parallel channel helps as well.
Buy a little below here for 2628, then sell for 2347.
2628-2644 is the confluence of the .618 from the last drop, the .5 from the ATH, the 29/30 Oct and 20/22 Nov closing lows, and and A-B-C extension from the bottom, given the New Year opening pullback. The parallel channel helps as well.
Buy a little below here for 2628, then sell for 2347.
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First part reached, now will it pull back??
David Atherton
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David Atherton
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.