Remember the last year's pandemic when S&P 500 hit rock bottom then it recovers for the next few months without hesitation? Those who bought that dip and had never sold ever since are the clear winners.
My fud analysis would be I'm 80% bullish that 30,000$ is a very powerful resistance, and anything below would be a very very strong buy.
The pattern reveals that...
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The following line can be broken if the line was broken below 50 then Bearish signal portrays while a...
This is what most trader fail to see that after the 4th triangle they likely to feel the pattern will continue to replicate hence mistakenly pursue short. Now it breaks a resistance hence creating a new pattern of highs for the whole month of September.
If the down trend was caught as a Bear Trapped like it did a month ago, expect a similar bullish triangle X1 which could break highest resistance at 0.7080 and it goes down. Similarly, the Y1 pattern would stabilize the flow pursuing a long sideways trend.
This is the Elliot wave principle pattern i used and green curve shows the resistance of the pattern. The 3 violet triangle are the possible creation if bull continue to rise. Well in conclusion, seems that it will break the 0.7000 a good option to buy. The triangles are patterns similar to its past behavior triangle towards its rise.
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