I have been proved wrong about being bullish lately. I took a couple L's and had to step back. Using the monthly chart, I have marked in blue lines every year's open. I can see a clear support area at the 2020 yearly open. This will take out the lows of both 2022 and 2023 low.
I will be ignoring any bullish bars in anticipation of them getting eliminated.
Yes, the long-term trend is indeed bullish, and this 32% correction will be a counter trend to the current bull trend.
The 2020 open is EXACTLY 50% of the high/low
Market declines in %:
Bearish Setups to employ:
Moral of the story? Don't pay attention to bullish bars as they will soon be wiped away.
I will be ignoring any bullish bars in anticipation of them getting eliminated.
Yes, the long-term trend is indeed bullish, and this 32% correction will be a counter trend to the current bull trend.
The 2020 open is EXACTLY 50% of the high/low
Market declines in %:
Bearish Setups to employ:
Moral of the story? Don't pay attention to bullish bars as they will soon be wiped away.
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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.
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.