No expert here, but it looks like we will break into an overall bull trend by June or July of this year.
First, it looks like we've been in an ascending triangle on the daily that has been playing out since November. This ascending triangle reaches the apex around the middle of this year. It does not seem a coincidence that the 200 daily moving average looks like it will meet the apex of this triangle around that time. Finally, this market continues to seem like an almost-perfect fractal of the 2014-2015 market.
Does that mean we're going to start mooning mid this year? No - but I think we're going to finally start out climb around June or July, and this sideways stuff we've been doing since November will finally go away. And yes, I'm cautiously calling this the bottom - I don't think we're going below 3K at this point, I think that's done.
First, it looks like we've been in an ascending triangle on the daily that has been playing out since November. This ascending triangle reaches the apex around the middle of this year. It does not seem a coincidence that the 200 daily moving average looks like it will meet the apex of this triangle around that time. Finally, this market continues to seem like an almost-perfect fractal of the 2014-2015 market.
Does that mean we're going to start mooning mid this year? No - but I think we're going to finally start out climb around June or July, and this sideways stuff we've been doing since November will finally go away. And yes, I'm cautiously calling this the bottom - I don't think we're going below 3K at this point, I think that's done.