The 50 and 100 weekly SMA death cross is about to happen, approximately within a week. The question is, is it going to be the ultimate sell off?
Well, let's look at when this happend the last time:
As you can see, it actually bottomed back then. Does it mean that it's going to the moon tommorow? Of course not. But we may be very close to the bottom, if not already.
Now don't take me wrong, it still can visit the $1000 levels, no question about it. But, considering the scale what we are looking at, it's not that big of a move. And the odds of that happening are slowly decreasing.
Well, let's look at when this happend the last time:
As you can see, it actually bottomed back then. Does it mean that it's going to the moon tommorow? Of course not. But we may be very close to the bottom, if not already.
Now don't take me wrong, it still can visit the $1000 levels, no question about it. But, considering the scale what we are looking at, it's not that big of a move. And the odds of that happening are slowly decreasing.
Comment:
There is another thing which concerns me - it is a big resistance around 58 holding all the way back to september on daily RSI. The break up is taking too long already and it looks like another bart move is about to happen.
