Still waiting on a Blow-off sell
Updated
Down 7% and we are yet to see a panic sell? Can't imagine being bullish in the long term until there is one. Target is $270 in the next couple days.
-270 has been the center of numerous bullish and bearish bounces over the past year and a half, and just so happens to line up with the trendline set from the lows back in early January 2018.
-A bounce back to 280, and we'll see how price action looks from there. I still don't see 270 as a bottom with everyone looking at the fed to "save the stock market" here in a couple weeks by "hopes" that they cut rates this year.
--Not Trading Advice, do your own analysis, GLTA!
-270 has been the center of numerous bullish and bearish bounces over the past year and a half, and just so happens to line up with the trendline set from the lows back in early January 2018.
-A bounce back to 280, and we'll see how price action looks from there. I still don't see 270 as a bottom with everyone looking at the fed to "save the stock market" here in a couple weeks by "hopes" that they cut rates this year.
--Not Trading Advice, do your own analysis, GLTA!
Note
Took a look back at every time we've had what is now a potential textbook ABC zig zag correction coming off ATHs during this bull market (That played out over weeks not days):2015:
2013:
2012:
2011-12:
2010:
Although, the A and C wave aren't near same length in this one, it looked like a good chart to observe as well being that it is the one that replicates closest to what we have now in the form of the MACD and Volume. Still lower lows were made during this correction prior to the one that occurred months earlier.
Bottom line is that every single one of these charts have something in common (minus that final 2010 one). The C wave had heavier volume and stronger divergence on the MACD. The correction we are in now is seeing lighter volume and divergence in the potential C wave. By no means are this few examples an indicator of what this correction we are in now should or shouldn't do , but it is an indicator that things are different this time around. It's the small "unusual" things like this that you have to look out for that can indicate a potential change in the larger trend.
Note
2008:I don't like referencing 08' as to what to expect in the future, because it's one bear market out of many, but here's a chart of the final thought to be ABC correction off of ATHs back then. For those who like to compare, Nov 13, 07' was yesterday, the day we retested and closed at strong resistance support we broke previously (Then 148, Now 280), and today would be the Gap higher and sell-off Nov 14th.
Funny thing is even then, there was stronger volume on the C wave.
The lack of volume right now tells me this is all a consolidation faze, bear or bull, this correction has still not completed.
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