Most likely we'll bounce from here and will get some relief on our bags. But don't get too much excited at that point, According to me it will be the time to de-risk some positions. I'm expecting this bounce to be a lower high and price to trade lower.
Reason : We have broken the weekly structure which is not a small thing. Last time when we broke the Weekly structure we saw a bottom at 27% decrease. I'm not saying that it will drop 25% this time as well but this downside movement ( that we have experienced ) is not enough. I'm expecting at least 15% drop.
Invalidation : Invalidation of this idea is weekly closing above 6,121. Until it doesn't happen, I'm bearish on equities.
GL!
Reason : We have broken the weekly structure which is not a small thing. Last time when we broke the Weekly structure we saw a bottom at 27% decrease. I'm not saying that it will drop 25% this time as well but this downside movement ( that we have experienced ) is not enough. I'm expecting at least 15% drop.
Invalidation : Invalidation of this idea is weekly closing above 6,121. Until it doesn't happen, I'm bearish on equities.
GL!
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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.