Time to start thinking long
Expecting this correction to be a seven swing move downwards like the 2000 dotcom bubble. Also expecting "The Great Reset" to be a flat corrective pattern that results in a double top that takes the better half of this decade to resolve itself. The market's dependence on Fed policy isn't something that's going to just unwind itself in a year's time. There needs to be real organic growth not facilitated by the Fed to create REAL value in the market.
Closed this month at the 200 WMA (blue line) which has historically been support. Should get a local bottom here in october (expecting a reaction at the Gann angle from prior resistance (red line) but ultimately I don't expect this downturn to end until a .382 retrace is reached and contact is made w/ the anchored VWAP line shown.
Calling the bottom is never an easy to do, but I expect a bounce in that demand zone... If I were to pick a level I'd say psychological support at 3000.
Closed this month at the 200 WMA (blue line) which has historically been support. Should get a local bottom here in october (expecting a reaction at the Gann angle from prior resistance (red line) but ultimately I don't expect this downturn to end until a .382 retrace is reached and contact is made w/ the anchored VWAP line shown.
Calling the bottom is never an easy to do, but I expect a bounce in that demand zone... If I were to pick a level I'd say psychological support at 3000.
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.