Last update concluded:
[Y]esterday's violent rally could be the start of the complex blue 2 on the final chart, but I'd caution against reading too much into a "one day rally." Bulls will need to see some follow-through before getting their hopes up too much.
So far, there has been no follow-through. To the contrary, there's been a whipsaw back into the megaphone:
Same with the lower blue channel boundary:
And, big picture, bulls have not hurdled the key trend line yet:
In conclusion, no real change from last update: So far, bulls have not proven they have even the near-term ball, and it is still possible that this is all part of an intermediate bear wave. Regarding the "even bigger picture," it is my belief that this is still a bear market no matter what happens here. Trade safe.
No comments:
Post a Comment