Well here we are .. about 5% away from ATHs.
Who would have thought we'd erase a 3-month downturn in 1-month from end of Oct to present date. Short sellers caught off guard with the violent move up and forced into perpetual short covering which was then followed by big money jumping in to avoid missing the run.
We've finally hit a roadblock around $460 level and been rangebound for the last few weeks.
Within the next year, I do think we get a blow off top per the channel set up here and once we start introducing rate hikes is when we get our big sell off back to the mid-range.
Monthly chart simply looks bullish. So we'll remain bullish until invalidated.
We've form a large cup and I believe within the next 2-3 weeks we finally get our pullback to form a handle. The measured move breakout of this would actually take us to the peak of that channel around $530-40.
This would buildup a larger RSI/MACD bearish divergence...
Who would have thought we'd erase a 3-month downturn in 1-month from end of Oct to present date. Short sellers caught off guard with the violent move up and forced into perpetual short covering which was then followed by big money jumping in to avoid missing the run.
We've finally hit a roadblock around $460 level and been rangebound for the last few weeks.
Within the next year, I do think we get a blow off top per the channel set up here and once we start introducing rate hikes is when we get our big sell off back to the mid-range.
Monthly chart simply looks bullish. So we'll remain bullish until invalidated.
We've form a large cup and I believe within the next 2-3 weeks we finally get our pullback to form a handle. The measured move breakout of this would actually take us to the peak of that channel around $530-40.
This would buildup a larger RSI/MACD bearish divergence...
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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.