Let's examine. First off, I'm Macro Bearish, not next 10yrs Macro, but coming weeks and even months Macro. We're in a Global...Recession? Crisis? Depression? Whatever it is, it's messed up, on a Grand Scale. Things won't ever be the same, and that can be just as good as bad, but I digress.
The 3.1k and ATH Red levels represent our larger playground. That was our, clear as day, no mistaking, Bear Market. Whether or not that's ended is up for debate, and LARGELY depends on the TimeFrame you trade. That being said, we put in the 3.1k bottom, and ran to 14k. Clearly a move you could make $$$ on longing. But, in the Grand Scheme of things, we couldn't close over the 50% retracement, and least not for more than a day or two. We wicked hardcore into the 618 level, but it was slapped down HARD both attempts.
From that 14k, we dumped down to 6.5 or so, an approximate 618 retracement of the 3-14k leg up, and proceeded to our most recent High....the 10.5k range....another 50% rejection.
So on this Weekly chart....we have ATH @ 20k...Lower High at 14k, and another lower high at 10.5k.
So what's needed, IMO for a Bullish Bias? For starters, and this is BARE MINIMUM, you gotta close over that 7222 area, on the daily, the weekly....And show some defense of it. Until then, I see no reason to even pretend to be excited for Bulls on anything over a Daily chart.
As always, practice solid risk management, good luck, and have fun.
The 3.1k and ATH Red levels represent our larger playground. That was our, clear as day, no mistaking, Bear Market. Whether or not that's ended is up for debate, and LARGELY depends on the TimeFrame you trade. That being said, we put in the 3.1k bottom, and ran to 14k. Clearly a move you could make $$$ on longing. But, in the Grand Scheme of things, we couldn't close over the 50% retracement, and least not for more than a day or two. We wicked hardcore into the 618 level, but it was slapped down HARD both attempts.
From that 14k, we dumped down to 6.5 or so, an approximate 618 retracement of the 3-14k leg up, and proceeded to our most recent High....the 10.5k range....another 50% rejection.
So on this Weekly chart....we have ATH @ 20k...Lower High at 14k, and another lower high at 10.5k.
So what's needed, IMO for a Bullish Bias? For starters, and this is BARE MINIMUM, you gotta close over that 7222 area, on the daily, the weekly....And show some defense of it. Until then, I see no reason to even pretend to be excited for Bulls on anything over a Daily chart.
As always, practice solid risk management, good luck, and have fun.