I hate to make calls that are bearish when people are crying out for a bull run but I can't stop thinking of a very real scenario that will temporarily bring us down before up.
For most of this chart I have been expecting a double bottom to match the left shoulder at 6100. It seems to have avoided dropping down to this level - so I am not going to say that this HAS to happen - only that it is a possibility.
As you can see weve been straddling the green downtrend line and thats okay. It doesnt seem like the market is ready to break. This will change of course with one move of the move by a bull.
The pattern is looking less like an inverse H&S by the minute. The current price seems to reflect the last double bottom we had in the 6300's before the slight price jump.
We still seem to be moving sideways - we may temporarily drop to 6100 but there seems to be enough evidence supporting the opposite as well.
My analysis still tells me that this is a perfect place to be buying and hold - the market will turn around like it always does - we may never see these prices again!
For most of this chart I have been expecting a double bottom to match the left shoulder at 6100. It seems to have avoided dropping down to this level - so I am not going to say that this HAS to happen - only that it is a possibility.
As you can see weve been straddling the green downtrend line and thats okay. It doesnt seem like the market is ready to break. This will change of course with one move of the move by a bull.
The pattern is looking less like an inverse H&S by the minute. The current price seems to reflect the last double bottom we had in the 6300's before the slight price jump.
We still seem to be moving sideways - we may temporarily drop to 6100 but there seems to be enough evidence supporting the opposite as well.
My analysis still tells me that this is a perfect place to be buying and hold - the market will turn around like it always does - we may never see these prices again!
Comment:
Looks like we got the big spike weve been waiting for.. First stop 6800 then 7200.